Bill > S3559

Introduced Session

This bill amends the "New Jersey Aspire Program Act" to clarify that all redevelopment projects approved under the New Jersey Aspire Program (Aspire Program) would not have tax credits prorated during any year of the project's eligibility period. Under current law, redevelopment projects that submitted a completed project application to the authority on or prior to the effective date of P.L.2023, c.98 are subject to the rules and regulations adopted by the Chief Executive Office of the New Jersey Economic Development Authority (authority) on November 5, 2021. Additionally, certain project applications submitted within 121 days after the effective date of P.L.2023, c.98 are subject to the rules and regulations adopted by the authority on November 5, 2021. All other redevelopment projects are subject to the rules and regulations adopted by the authority on December 5, 2023, pursuant to P.L.2023, c.98 (C.34:1B-335.1 et al.). Notably, the regulations adopted by the authority on November 5, 2021 required the authority to prorate the tax credit for the first and last years of the eligibility period based on the number of full months the project was certified in the year the developer first certifies. However, the regulations adopted by the authority on December 5, 2023 do not include this proration requirement. The bill provides that any project application submitted to the authority on or prior to the effective date of P.L.2023, c.98 (C.34:1B-335.1 et al.), July 6, 2023, or any project application that was approved under the rules and regulations adopted by the authority on November 4, 2021, would not be subject to the proration of the project's tax credit incentive award during any year of the project's eligibility period.

Committee Categories

Bob Smith (D)*, 

Introduced in the Senate, Referred to Senate Community and Urban Affairs Committee (on 09/12/2024)

Official Document