Bill > A1482

This bill establishes a program to provide corporation business tax credits to developers who invest in the redevelopment of distressed shopping centers in New Jersey. A "developer" is defined as the owner of a distressed shopping center, which is a privately owned commercial development with at least 35,000 square feet of rental space for at least three retail stores or service establishments, and an adjacent parking area, that has met these requirements for at least 10 years and has experienced an average vacancy rate of at least 35 percent in the year prior to eligibility. A "retail investment" refers to at least $5,000 spent on necessary improvements to attract tenants, as determined by the New Jersey Economic Development Authority (the "Authority"), which is the state agency responsible for administering this program. Developers who make such investments and are certified by the Authority can receive a tax credit against their corporation business tax, up to 50 percent of the tax owed, with a maximum credit of $15,000 per privilege period, and any unused credit can be carried over for up to 10 subsequent privilege periods. The Authority will work with the Division of Taxation to review and approve applications for these credits, and can adopt necessary rules and regulations to implement the program.