Reduces tax credits available for Next New Jersey Program from $500 million to $250 million.
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Progress
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- Introduced
- Passed Senate
- Passed General Assembly
- To Governor
- Became Law
Overview
This bill reduces the amount of tax credits available for the Next New Jersey Program from $500 million to $250 million. It amends existing legislation (P.L.2020, c.156) to limit the overall cap on tax credits awarded under various economic development programs, including the Historic Property Reinvestment Act, Brownfields Redevelopment Incentive Program Act, and New Jersey Innovation Evergreen Act. Specifically, it lowers the annual cap for the Next New Jersey Program and allocates funds for transformative projects. The bill aims to decrease the total amount of state tax credits available for economic development initiatives.
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