Revises various provisions of the New Jersey Aspire Program.

S 3406 revises provisions of New Jersey's Aspire Program, which provides tax credits to developers of economic redevelopment projects that would otherwise be economically unfeasible. The bill expands the definition of "government-restricted municipality" to include additional cities like Newark, Camden, and Elizabeth, allowing projects in these areas to demonstrate a net economic benefit that is up to 50 percentage points lower than standard requirements. It removes a provision requiring tax credit reductions if a project's actual financing gap is smaller than initially approved, and gives residential developers the option to use project labor agreements instead of paying prevailing wages for construction workers. The bill also extends utility fee reductions to Aspire Program developers and establishes a 5-year tax exemption for project improvements followed by a 5-year phase-in of payments in lieu of taxes.