Revises New Jersey Aspire Program to clarify that certain incentive awards may not be prorated.
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Progress
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- Introduced
- Passed Senate
- Passed General Assembly
- To Governor
- Became Law
Overview
This bill clarifies that certain incentive awards under the New Jersey Aspire Program for redevelopment projects cannot be prorated. Specifically, it ensures that tax credits for redevelopment projects approved before July 6, 2023, and those submitted within a specific timeframe after that date, will not be divided into yearly portions. The bill aims to simplify the application process and provide greater certainty for developers receiving these incentives.
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