The bill revises the New Jersey Aspire Program and introduces a new Redevelopment Project Bridge Financing Program aimed at enhancing economic development and supporting redevelopment efforts. Key amendments include an expanded definition of "commercial project" to include warehouse distribution centers, film studios, and health care centers, as well as the introduction of "mixed-use project" to cover developments with both residential and nonresidential components. The definition of "project cost" is broadened to encompass various expenses incurred by developers, while application or administration fees for grants under the Aspire Program are explicitly excluded from project costs. Additionally, the bill establishes criteria for developers to qualify for incentive awards, emphasizing economic feasibility and compliance with environmental and labor standards.

The legislation also modifies existing tax credit provisions, reducing the maximum eligibility period for projects to 10 years and allowing for the transfer of tax credits within three successive tax periods. It mandates that developers maintain a minimum occupancy rate of 60% for commercial projects to retain tax credits and introduces a framework for the redemption of unused tax credits by the Department of the Treasury. Furthermore, the bill excludes gains from the transfer of tax credits from calculations of entire net income for the Corporate Business Tax and gross income for the Gross Income Tax, aiming to provide tax relief and encourage the transfer of these credits to support economic recovery in New Jersey.

Statutes affected:
Introduced: 34:1B-323, 34:1B-324, 34:1B-325, 34:1B-328, 34:1B-329, 34:1B-330, 34:1B-331, 34:1B-333, 34:1B-335.1, 52:18A-263, 54:10A-4