Bill > A3154

This bill increases the total amount of tax credits authorized under the Urban Transit Hub Tax Credit program, which provides tax credits to businesses for capital investments in qualified facilities within designated urban transit hubs, from $1.5 billion to $1.75 billion, and extends the application deadline for these credits to July 1, 2014, and the deadline for submitting documentation to July 28, 2017. The Urban Transit Hub Tax Credit program, established by P.L.2007, c.346, aims to encourage economic development by incentivizing businesses to make significant capital investments and create jobs in specific urban areas. This legislation also adjusts the combined cap for credits issued under related programs, including those for qualified residential projects and wind energy facilities, to the new $1.75 billion total.