Bill > A2076

This bill revises various provisions concerning the New Jersey Aspire Program and the surrender of tax credits issued under the New Jersey Economic Recovery Act of 2020. Specifically, the bill: - Expands the definition of a "government-restricted municipality" to include additional municipalities that meet certain criteria related to population, county designation, and municipal revitalization index scores. - Modifies the eligibility period and tax credit amounts for projects in government-restricted municipalities and special mission non-profit projects. - Requires a developer to maintain a certain average occupancy rate for commercial projects or risk forfeiting tax credits. - Enhances requirements for community benefits agreements and imposes additional reporting and compliance obligations on developers. - Authorizes the Department of the Treasury to purchase tax credits issued under the New Jersey Aspire Program and other economic development incentive programs at a discounted rate. - Makes various other technical and administrative changes to improve the overall administration and effectiveness of the New Jersey Aspire Program.

Budget and Finance, Business and Industry

https://www.njleg.state.nj.us/bill-search/2024/A2076