TRENTON – Governor Phil Murphy today signed into law S-1968, a bill sponsored by Senate Commerce Committee Chairwoman Nellie Pou that enables the City of Paterson to take full advantage of Economic Redevelopment and Growth (ERG) tax credits.
“I am grateful to Governor Murphy for recognizing the economic potential of the great city of Paterson,” said Senator Pou (D-Passaic/Bergen). “This law gives the city an additional year to use $130 million in ERG tax credits. These funds will help spur economic development in the city.
“In recent years, we have seen the benefits of fighting for National Park status of the Great Falls. The area near the Great Falls, as well as other sections of Paterson, are prime for development and investment. These ERG tax credits make that investment more possible and more attractive to investors. This is a good day for the city.”