Provides allowances for certain redevelopment projects undertaken by institutions of higher education or distressed hospitals under New Jersey Aspire program.

This bill provides financial allowances (like tax credits) for redevelopment projects by colleges/universities or financially struggling hospitals under New Jersey's Aspire program. It allows these institutions to claim incentives during a defined eligibility period (up to 10 years, or 5 years for certain projects). The bill amends existing law to clarify key terms like "distressed hospital" (hospitals facing financial hardship) and "commercial project" to determine eligibility. Note: The bill was withdrawn after being approved as part of P.L.2025, c.313, meaning it is now law.