A5579

Expands Neighborhood Revitalization Tax Credit Program to include more neighborhoods and increase tax credit limit.

This bill expands the Neighborhood Revitalization Tax Credit Program to include areas within qualified urban aid municipalities and those demonstrating economic distress, housing shortages, or community development needs. It adds "broadband telecommunications expansion" to the definition of "housing and economic development activities." The bill raises the annual cap on tax credits from $15 million to $65 million and requires the Department of Community Affairs to give equal consideration to projects in the north, central, and southern regions of the state.