Revises various provisions concerning New Jersey Aspire Program and surrender of tax credits issued under New Jersey Economic Recovery Act of 2020.*

# Summary of New Jersey Aspire Program Act Amendments This bill amends and supplements the "New Jersey Aspire Program Act" (Aspire Program) and makes related changes to New Jersey's Gross Income Tax and Corporation Business Tax. ## Key Changes to the Aspire Program ### Program Definitions - Revised definition of "commercial project" to include warehouse/distribution centers - Amended "incentive area" definition to include endorsed plans (removing transportation requirements) - Defined "mixed-use project" as having residential and nonresidential components - Clarified that "project cost" applies to "total project cost" (replacing current "total development cost" definition) ### Residential Projects - Housing affordability controls now align with Fair Housing Act (excluding bedroom distribution requirements) - Residential tenants exempt from prevailing wage requirements for building services work ### Occupancy Requirement - Commercial projects must maintain at least 60% occupancy during eligibility period (residential projects exempt) - Tax credits forfeited if occupancy falls below 60%, restored upon return to 60%+ occupancy ### Eligibility Period - Reduced maximum duration from 15 years (commercial/mixed-use) to 10 years for all project types - Authority may establish shorter eligibility periods to enhance tax credit monetization ### Tax Credit Enhancements - Up to 10% increase for redevelopment of "stranded assets" (abandoned/vacant buildings) - Up to 5% increase for residential projects meeting three-bedroom distribution requirements - Up to 3% increase for meeting local first source hiring requirements - Total tax credits (with other programs) limited to: - 90% of project cost for LIHTC projects - 80% of project cost for all other projects ### Tax Credit Usage - Allows tax credits to be applied within three successive tax periods after receiving certificate - Permits transfer of tax credits to transferees who can use them within three successive tax periods ### Transformative Projects - Reduced commercial space requirement from 50,000 to 20,000 sq. ft. for residential projects with <700 units - Permits parking component to count toward square footage (subject to local requirements) - Requires entire parking component to count if project is in government restricted municipality ### Program Administration - Requires fees proportional to tax credit amount allowed - Establishes "Redevelopment Project Bridge Financing Program" for loans/guarantees to developers with financing gaps - Requires Department of Treasury to redeem unused tax credits (up to 10% discount) - Amends tax code to exclude gains from tax credit transfers from "entire net income" and "gross income" The bill takes effect immediately upon enactment.