Authorizes political subdivisions to require recipients of economic development incentives to enter into community benefits agreements.

This bill allows local governments in New Jersey to require businesses receiving economic development incentives exceeding $100,000 to enter into binding community benefits agreements. These agreements must include specific commitments like local hiring, fair wages, and contracting with local businesses, directly affecting developers and businesses receiving subsidies. The bill defines "economic development subsidies" broadly to include grants, tax credits, and loans, but excludes standard procurement contracts. It mandates that such agreements be negotiated as a condition for receiving larger subsidies, ensuring community-focused outcomes from public funding.