Revises eligibility requirements for New Jersey Aspire Program tax credits; establishes net neutral benefits test for redevelopment projects with.
The bill amends the New Jersey Aspire Program to revise eligibility criteria for tax credits. It mandates the New Jersey Economic Development Authority to conduct a net neutral benefit analysis for redevelopment projects with a total cost of at least $17 million, including at least $3.4 million in sustainability and resiliency costs. These costs include carbon reduction initiatives, electric vehicle charging infrastructure, geothermal heat pumps, stormwater management systems, brownfield site remediation, historic property rehabilitation, and living shorelines.
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