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Bill > S3336


NJ S3336

Revises certain eligibility requirements under NJ Aspire Program; establishes net neutral benefits test for redevelopment projects that incur certain sustainability and resiliency costs.


summary

Introduced
11/21/2022
In Committee
11/21/2022
Crossed Over
Passed
Dead
01/08/2024

Introduced Session

2022-2023 Regular Session

Bill Summary

This bill revises certain eligibility requirements under the New Jersey Aspire Program, which was established by the "New Jersey Economic Recovery Act of 2020," P.L.2020, c.156. The program provides tax credits to encourage redevelopment programs by covering certain project financing gap costs. Under current law, for applications submitted under the program, the New Jersey Economic Development Authority is required to review the project cost of the redevelopment project, evaluate and validate the project financing gap estimated by the developer, and conduct a State fiscal impact analysis to ensure that the overall public assistance provided to the project will result in a net positive benefit to the State, provided that the net benefit analysis does not apply to certain projects. The bill revises these criteria to require the authority to apply a net neutral benefit analysis for projects that have a total project cost of at least $17 million, including at least $3.4 million in total sustainability and resiliency costs and not less than $1,000 for each of the sustainability and resiliency costs, as applicable, enumerated in the definition for "sustainability and resiliency costs" under the bill.

AI Summary

This bill revises certain eligibility requirements under the New Jersey Aspire Program, an economic development incentive program that provides tax credits to encourage redevelopment projects. The key provisions are: 1. It establishes a "net neutral benefit" test for redevelopment projects with a total project cost of at least $17 million, including at least $3.4 million in "sustainability and resiliency costs" (such as renewable energy, electric vehicle infrastructure, stormwater management, etc.). Under this test, the authority must ensure the overall public assistance provided will result in a net neutral benefit to the state, rather than a net positive benefit required for other projects. 2. It defines "sustainability and resiliency costs" and requires a minimum threshold of such costs to qualify for the net neutral benefit test. 3. The bill applies to applications submitted on and after the effective date of the act.

Committee Categories

Business and Industry

Sponsors (1)

Last Action

Introduced in the Senate, Referred to Senate Economic Growth Committee (on 11/21/2022)

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