This bill amends the New Jersey Aspire Program Act to ensure that tax credits for redevelopment projects are not prorated during any year of the project's eligibility period. Specifically, it clarifies that redevelopment projects approved by the New Jersey Economic Development Authority prior to the effective date of the bill, as well as those that elect to be governed under the previous regulations, will receive full tax credit awards without proration. The bill also establishes that applications for residential projects submitted within 121 days of the bill's effective date, provided they meet certain criteria, will similarly not be subject to proration.

The legislation modifies existing provisions by inserting language that explicitly states the authority shall not prorate tax credits for any year of the eligibility period for applicable projects. It also deletes references to previous requirements that mandated proration based on the number of full months a project was certified. This change aims to provide greater financial certainty for developers and encourage investment in redevelopment projects under the Aspire Program. The bill takes effect immediately and applies retroactively to previously approved projects.

Statutes affected:
Introduced: 34:1B-335.1