New Jersey S675 clarifies that tax credits for redevelopment projects under the New Jersey Aspire Program cannot be prorated.
New Jersey S675 amends the New Jersey Aspire Program Act to ensure that redevelopment projects approved under the program do not have their tax credits prorated during any year of the project's eligibility period. This applies retroactively to projects previously approved by the authority. The bill specifies that applications submitted on or before the effective date of P.L.2023, c.98 are not subject to the proration of tax credit awards.
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