The bill amends various sections of P.L.2020, c.156, focusing on the New Jersey Economic Development Authority's tax credit program for rehabilitation and brownfield redevelopment projects. It clarifies definitions for terms such as "building services," "cost of rehabilitation," "qualified property," and "transformative project," while specifying that "building services" exclude skilled maintenance work or professional services requiring prevailing wage payment. The bill establishes a framework for tax credits based on rehabilitation costs, with varying credit amounts depending on project location and type, and mandates that businesses pay prevailing wages during the rehabilitation period. It also outlines the application process, requiring developers to demonstrate economic feasibility and secure local government support, while ensuring compliance with state regulations.

Additionally, the bill emphasizes accountability by requiring developers to certify the accuracy of their information under penalty of perjury and mandates annual reporting to confirm good standing with relevant departments. It stipulates that tax credits cannot exceed specified limitations and allows for the allocation of credits for facade rehabilitation projects through a competitive process. The authority is empowered to recapture tax credits if developers fail to comply with regulations or misrepresent information. The act will take effect immediately, with certain provisions applying retroactively to pending applications before December 1, 2023, and others contingent upon the adoption of new rules.

Statutes affected:
Introduced: 34:1B-271, 34:1B-272, 34:1B-274, 34:1B-275, 34:1B-278, 34:1B-280, 34:1B-281, 34:1B-282, 34:1B-284, 34:1B-287
Advance Law: 34:1B-271, 34:1B-272, 34:1B-274, 34:1B-275, 34:1B-278, 34:1B-280, 34:1B-281, 34:1B-282, 34:1B-284, 34:1B-287
Pamphlet Law: 34:1B-271, 34:1B-272, 34:1B-274, 34:1B-275, 34:1B-278, 34:1B-280, 34:1B-281, 34:1B-282, 34:1B-284, 34:1B-287