New Jersey S4437 allows political subdivisions to require grantees of economic development subsidies over $50,000 to enter community benefits.

New Jersey S4437 permits political subdivisions to condition the grant of economic development subsidies exceeding $50,000 on the grantee's promise to enter into a community benefits agreement. These agreements are legally binding contracts that require project contractors and developers to make specific contributions for community benefit, including local hiring, area wage and benefits standards, and engaging local businesses. The bill defines economic development subsidies to exclude certain tax expenditures and procurement contracts. The act takes effect immediately upon enactment.

New Jersey S4437 allows political subdivisions to require grantees of economic development subsidies over $50,000 to enter community benefits.

New Jersey S4437 permits political subdivisions to condition the grant of economic development subsidies exceeding $50,000 on the grantee's promise to enter into a community benefits agreement. These agreements are legally binding contracts that require project contractors and developers to make specific contributions for community benefit, including local hiring, area wage and benefits standards, and engaging local businesses. The bill defines economic development subsidies to exclude certain tax expenditures and procurement contracts. The act takes effect immediately upon enactment.