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 projects that elect to be governed by the previous regulations, the authority shall not prorate the tax credit award. This change aims to provide certainty and consistency for developers regarding the financial incentives available to them.

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 the tax credit awards are fully realized without reduction based on the timing of project certification, thereby enhancing the attractiveness of the Aspire Program for potential developers. The act is set to take effect immediately and will apply retroactively to previously approved redevelopment projects.

Statutes affected:
Introduced: 34:1B-335.1