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Bill > S2916
NJ S2916
NJ S2916Revises certain eligibility requirements under NJ Aspire Program; establishes net neutral benefits test for redevelopment projects that incur certain sustainability and resiliency costs.
summary
Introduced
01/13/2026
01/13/2026
In Committee
01/13/2026
01/13/2026
Crossed Over
Passed
Dead
Introduced Session
2026-2027 Regular Session
Bill Summary
This bill revises certain eligibility requirements under the New Jersey Aspire Program, which was established by the "New Jersey Economic Recovery Act of 2020," P.L.2020, c.156. The program provides tax credits to encourage redevelopment programs by covering certain project financing gap costs. Under current law, for applications submitted under the program, the New Jersey Economic Development Authority is required to review the project cost of the redevelopment project, evaluate and validate the project financing gap estimated by the developer, and conduct a State fiscal impact analysis to ensure that the overall public assistance provided to the project will result in a net positive benefit to the State, provided that the net benefit analysis does not apply to certain projects. The bill revises these criteria to require the authority to apply a net neutral benefit analysis for projects that have a total project cost of at least $17 million, including at least $3.4 million in total sustainability and resiliency costs and not less than $1,000 for each of the sustainability and resiliency costs, as applicable, enumerated in the definition for "sustainability and resiliency costs" under the bill.
AI Summary
This bill modifies the eligibility requirements for the New Jersey Aspire Program, which provides tax credits to support redevelopment projects by covering certain financing costs. Previously, the New Jersey Economic Development Authority (NJEDA) was required to ensure that public assistance for a project resulted in a net positive benefit to the State, meaning the benefits to the State would outweigh the costs, with some exceptions. However, this bill introduces a new standard for certain large redevelopment projects: if a project costs at least $17 million and includes at least $3.4 million in specific "sustainability and resiliency costs" (such as using renewable energy, installing EV charging stations, or implementing stormwater management systems), the NJEDA will now only need to ensure a "net neutral benefit" to the State. This means the benefits to the State would at least equal the costs, rather than exceeding them, for these specific types of projects.
Committee Categories
Business and Industry
Sponsors (1)
Last Action
Introduced in the Senate, Referred to Senate Commerce Committee (on 01/13/2026)
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/2026/S2916 |
| BillText | https://pub.njleg.gov/Bills/2026/S3000/2916_I1.HTM |
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