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

This bill (S 1323) clarifies key definitions for New Jersey's Aspire Program, which provides tax credits to support economic development projects. It revises terms like "commercial project" (requiring 50,000+ square feet of office/retail space in most areas) and "collaborative workspace" (minimum 2,500 sq ft with specific community features) to determine eligibility for tax credits under the 2020 Economic Recovery Act. The changes directly affect developers seeking tax credits for qualifying projects, such as large-scale commercial redevelopments in designated areas. The bill does not create new incentives but refines how existing program rules apply. It was signed into law as P.L.2025, c.2.