This bill amends the New Jersey Aspire Program Act to clarify that tax credits for redevelopment projects will not be prorated during any year of the project's eligibility period. Specifically, it states that for redevelopment projects approved by the New Jersey Economic Development Authority prior to the effective date of P.L.2023, c.98, and for those that elect to be governed by the previous regulations, the authority shall not prorate the tax credit for any year. This change aims to provide more certainty and stability for developers regarding their tax credit awards.

Additionally, the bill outlines that applications for residential projects submitted within 121 days following the effective date of P.L.2023, c.98, will also not be subject to proration of tax credit awards, provided they meet certain conditions. The amendments ensure that all redevelopment projects, regardless of when they were approved, will benefit from a consistent approach to tax credit awards, thereby enhancing the attractiveness of the Aspire Program for developers.

Statutes affected:
Introduced: 34:1B-335.1