TRENTON – The state Senate today approved the “Urban Transit Hub Tax Credit Act,” a bill sponsored by Senate President Richard J. Codey (D-Essex), which is aimed at catalyzing economic development in areas surrounding urban train stations. The act is designed to foster smart growth principles and would establish a tax credit program for capital investment and increased employment in targeted transit hubs.
“This bill will help break the logjam that often occurs in urban redevelopment and stimulate sizeable job growth,” said Sen. Codey. “Sometimes, despite the best efforts of a municipality, it’s just impossible to attract investors to a property if they don’t see the potential for profit. That’s sound business sense on their part. This is sound public policy on our part.”