Revises New Jersey Aspire Program to clarify that certain incentive awards may not be prorated.
This bill clarifies that tax credit awards for certain residential redevelopment projects under New Jersey's Aspire Program will not be reduced ("prorated") based on partial years of occupancy during the project's eligibility period. It directly affects developers of projects approved before July 6, 2023 (the effective date of related legislation), specifically those that submitted applications on or before that date or were approved under the November 2021 program rules. The key mechanism ensures these projects follow the November 2021 rules - which did not require proration - rather than the December 2023 rules that added proration. The change applies retroactively to all eligible projects previously approved under the Aspire Program.
Bill status
in committee
1 of 4 stages cleared
Introduction
Jun 2024
Committee Review
Floor Vote
Governor
Introduced Jun 28, 2024
Last action Jun 28, 2024
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Full legislative history
Actions timeline
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1
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Committee
0
Jun 28, 2024
Introduced
Introduced in the Assembly, Referred to Assembly Commerce, Economic Development and Agriculture Committee
lower
1 primary · 0 co-sponsors
Sponsors
Role
Legislator
Party
State
District
P
Craig Coughlin
DDemocratic
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