The bill amends various sections of P.L.2020, c.156, which governs the New Jersey Economic Development Authority's tax credit program for rehabilitation and brownfield redevelopment projects. Key amendments include clarifying definitions for terms such as "building services," "cost of rehabilitation," and "qualified property," while specifying that "building services" do not encompass skilled maintenance work or professional services requiring prevailing wage payment. The bill reinforces the prevailing wage requirement for construction and building services, establishes criteria for tax credits based on project location and type, and mandates compliance with labor and tax regulations before tax credit approval. Additionally, it introduces a certification process for developers, requiring them to certify the accuracy of their information under penalty of perjury and submit detailed documentation for tax credit applications.

Further provisions include the authority's ability to adopt regulations immediately upon filing, ensuring timely implementation of the program, and the establishment of a competitive application process for facade rehabilitation projects. The bill also outlines eligibility criteria for developers seeking tax credits for brownfield sites, emphasizing the need for local governing body support and compliance with environmental standards. It includes stipulations for recapturing tax credits if developers fail to meet their obligations and prohibits the carry-forward of unused tax credits. Overall, the amendments aim to enhance accountability and effectiveness in the tax credit program, with certain sections applying retroactively to pending applications before December 1, 2023.

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