Bill
Bill > A4445
NJ A4445
NJ A4445Makes FY 2024 supplemental appropriation of $30 million to DCA for Neighborhood Revitalization Tax Credit program.
summary
Introduced
05/20/2024
05/20/2024
In Committee
05/20/2024
05/20/2024
Crossed Over
Passed
Dead
01/12/2026
01/12/2026
Introduced Session
2024-2025 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. 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 (NRTC) program. The NRTC 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. This additional funding is intended to support these neighborhood revitalization projects, as the regular NRTC program is capped at $15 million per year in tax credits.
Committee Categories
Government Affairs
Sponsors (2)
Last Action
Introduced, Referred to Assembly Community Development and Women's Affairs Committee (on 05/20/2024)
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/2024/A4445 |
| BillText | https://pub.njleg.gov/Bills/2024/A4500/4445_I1.HTM |
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