Bill > S1323

This bill makes several amendments to New Jersey's economic development programs, primarily focusing on the New Jersey Aspire Program, which provides tax credits to developers for redevelopment projects. Key changes include clarifying definitions for various terms used in these programs, such as "developer," "redevelopment project," and "project financing gap" (the portion of a project's total cost that remains after all other funding sources are accounted for). The bill also modifies requirements for developers, such as the minimum developer capital contribution for projects in certain municipalities and the timeline for completing projects. Additionally, it adjusts provisions related to the transfer and purchase of tax credits, including the percentage of the credit amount the state can pay when purchasing unused credits, and introduces new requirements for "transformative projects" (large-scale redevelopment projects) regarding their completion timelines and the review of their economic benefits. The bill also clarifies that certain requirements, like community benefits agreements and occupancy rate monitoring, will apply to projects approved after its effective date.

Budget and Finance, Business and Industry

https://www.njleg.state.nj.us/bill-search/2024/S1323