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 P.L.2023, c.98, 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 submitted within 121 days after the effective date will be subject to the previous rules, which included proration, but will now be exempt from this requirement.

The legislation aims to provide clarity and consistency for developers participating in the Aspire Program by eliminating the proration of tax credits, which was previously mandated under older regulations. This change is intended to enhance the attractiveness of the Aspire Program for redevelopment projects, thereby encouraging investment and development in New Jersey. The bill takes effect immediately and applies retroactively to projects already approved by the authority.

Statutes affected:
Introduced: 34:1B-335.1