Bill > A4619

This bill modifies certain provisions of the Historic Property Reinvestment Act and the Brownfields Redevelopment Incentive Program Act. Key provisions include: - Expanding the definition of "qualified property" and "transformative project" to include properties in government-restricted municipalities and those that contribute to historic districts. - Increasing the tax credit amounts available for rehabilitating qualified properties and transformative projects, with higher credits for projects in qualified incentive tracts or government-restricted municipalities. - Requiring prevailing wage for construction and building services work at qualified properties, transformative projects, and brownfield redevelopment projects. - Allowing the New Jersey Economic Development Authority to allocate up to 50% of available tax credits to facade rehabilitation projects. - Modifying the application and approval process for brownfield redevelopment tax credits, including requiring developer good standing, project financing gaps, and municipal support. - Authorizing the Authority to adopt rules and regulations to implement the provisions of these programs.

Budget and Finance

https://www.njleg.state.nj.us/bill-search/2024/A4619