New Jersey S2951 modifies redevelopment project incentives under the Aspire Program, exempting institutional and distressed hospital projects from.
New Jersey S2951 amends the Aspire Program to provide specific allowances for redevelopment projects undertaken by institutions of higher education or distressed hospitals. The bill exempts institutional and distressed hospital projects from the net benefit analysis and certain other requirements. It also modifies the calculation of project costs for these projects, allowing the inclusion of land costs. The bill increases the allowable tax credits for distressed hospital projects and permits them to elect a shorter eligibility period.
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