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NJ S3187
NJ S3187Makes FY 2023 supplemental appropriation of $30 million to DCA for Neighborhood Revitalization Tax Credit program.
summary
Introduced
10/13/2022
10/13/2022
In Committee
10/27/2022
10/27/2022
Crossed Over
Passed
Dead
01/08/2024
01/08/2024
Introduced Session
2022-2023 Regular Session
Bill Summary
This bill appropriates an additional $30 million from the General Fund to the Department of Community Affairs (DCA) for the Neighborhood Revitalization Tax Credit program. The program provides grants to community nonprofit organizations that, under revitalization plans approved by the DCA, invest in local improvements to benefit low and moderate income neighborhoods. The regular program is funded by business entities that provide funding for qualified projects, and thereby earn tax credits. However, those tax credits are capped by permanent law at $15,000,000 per year. The Fiscal Year 2023 appropriations act included an additional $7,500,000 in appropriations for the program from the federal State Fiscal Recovery Fund. This bill would provide another $30,000,000 to support these neighborhood revitalization projects.
AI Summary
This bill appropriates an additional $30 million from the General Fund to the Department of Community Affairs (DCA) for the Neighborhood Revitalization Tax Credit program. The program provides grants to community nonprofit organizations that invest in local improvements to benefit low and moderate income neighborhoods under revitalization plans approved by the DCA. The regular program is funded by business entities that provide funding for qualified projects and earn tax credits, which are capped at $15 million per year. This bill would provide another $30 million to support these neighborhood revitalization projects, in addition to the $7.5 million already appropriated in the Fiscal Year 2023 appropriations act from the federal State Fiscal Recovery Fund.
Committee Categories
Housing and Urban Affairs
Sponsors (1)
Last Action
Reported from Senate Committee, 2nd Reading (on 10/27/2022)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.njleg.state.nj.us/bill-search/2022/S3187 |
| Analysis - Statement SCU 10/27/22 | https://pub.njleg.gov/Bills/2022/S3500/3187_S1.PDF |
| BillText | https://pub.njleg.gov/Bills/2022/S3500/3187_I1.HTM |
| Bill | https://pub.njleg.gov/Bills/2022/S3500/3187_I1.PDF |
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