Incentivizes projects on certain Brownfield sites

Bill S 7964 aims to encourage the cleanup and redevelopment of certain contaminated "Brownfield" sites by offering enhanced tax credits. It increases the maximum tangible property tax credit for projects on these sites, especially for a new category called "qualified project sites." To qualify for these higher incentives, a project must meet several criteria, including being in a city with a population under 100,000, located near public transportation, and incorporating a minimum percentage of affordable housing units. Additionally, these "qualified project sites" must have a total value exceeding $250 million, and remediation construction work on them will be subject to prevailing wage requirements, with an allowance for project labor agreements.