This bill amends the Local Economic Revitalization Tax Assistance Act to enhance tax exemption provisions for deteriorated properties and new construction in economically depressed areas. Key changes include the removal of the term "certain deteriorated industrial, commercial and other business property" and its replacement with "deteriorated property," which broadens the definition to include various types of properties, including those previously used for governmental purposes. Additionally, new definitions are introduced, such as "converted residential portion," "mixed-use building," and "residential building," which clarify the types of properties eligible for tax exemptions.

The bill also establishes a public registry that the Department of Community and Economic Development must maintain, listing local taxing authorities that have adopted relevant ordinances or resolutions. It specifies that the length of tax exemption schedules for new construction or improvements will vary based on whether the project includes residential use, with a maximum of ten years for non-residential projects and twenty years for residential projects. The procedures for obtaining tax exemptions are updated to require notification to local taxing authorities at the time of securing building permits or commencing construction. Overall, these amendments aim to streamline the process and encourage revitalization efforts in deteriorated areas.

Statutes/Laws affected:
Printer's No. 1786 (Jun 07, 2026): P.L.237, No.76, P.L.991, No.385