Bill > S2972

This bill modifies the Urban Transit Hub Tax Credit Program by allowing businesses to carry forward unused tax credits for up to 20 years, with an annual cap of $150 million on the total credits claimed. It also increases the tax credit for developers of qualified residential projects within urban transit hubs from 20% to 35% of their capital investment. The definition of an "urban transit hub" is expanded to include properties near freight rail spurs used for loading and unloading. Additionally, the bill introduces provisions for "mixed-use projects," which combine qualified business facilities and qualified residential projects, and clarifies rules regarding the relocation of existing jobs within the state to ensure that such transfers are not counted as new job creation unless specific conditions are met, such as consolidation of operations or a certification that jobs are at risk of leaving the state. Finally, certain properties in the New Jersey Meadowlands area are made eligible for incentive grants.