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 related to "building services," "cost of rehabilitation," "qualified property," and "transformative project," 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, while mandating that business entities pay prevailing wages during the rehabilitation period. It also includes provisions for the authority to verify compliance with labor and tax regulations before approving tax credit applications.

Additionally, the bill outlines the application process for developers seeking tax credits for brownfield redevelopment, requiring them to certify the accuracy of their information under penalty of perjury and demonstrate that projects are economically unfeasible without the tax credit. It stipulates that projects with prior reimbursements under specific sections of P.L.1997, c.278 are ineligible for tax credits and mandates compliance with environmental standards and labor harmony agreements. The bill allows for the recapture of tax credits if developers fail to maintain good standing with regulatory departments and establishes conditions for entering into redevelopment agreements. Overall, the amendments aim to enhance accountability and effectiveness in the tax credit program while ensuring compliance with labor and environmental standards.

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