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 the bill, as well as those subject to certain rules and 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 the bill will also not be subject to proration of tax credit awards. It emphasizes that these projects must meet specific criteria, including receiving all necessary approvals under the "Municipal Land Use Law." The bill takes effect immediately and applies retroactively to previously approved redevelopment projects, ensuring that they benefit from the clarified provisions regarding tax credit awards.

Statutes affected:
Introduced: 34:1B-335.1