TRENTON – A bill to expand the number of neighborhoods that could be designated for aid under the “Neighborhood Revitalization State Tax Credit Act” was approved 4-0 yesterday by the Senate Community and Urban Affairs Committee.
Sponsored by Sen. Jim Whelan (D-Atlantic), the bill would name as regional planning entities the New Jersey Meadowlands Commission, the Pinelands Commission, the Fort Monmouth Economic Revitalization Planning Authority (or a successor agency), the Highlands Water Protection and Planning Council, and the Casino Reinvestment Development Authority.
“The ‘Neighborhood Revitalization State Tax Credit Act’ is designed to stimulate economic growth by giving businesses an annual tax credit against certain state taxes,” Sen. Whelan said. “Under my bill, the regional planning entities could name up to two additional towns that are not now eligible to receive aid under the “Special Municipal Aid Act” or that are not part of an ‘Abbott’ school district.
“Currently, only municipalities that are eligible for special municipal aid or municipalities that are part of an Abbot school district can apply for this tax credit,” Sen. Whelan said. “This bill would allow for regional factors to be considered for areas that could benefit from revitalization and preservation projects.”
The bill directs the regional planning entities to consult with businesses in the region while making their selection. They must report their selection to the Commissioner of Community Affairs within three months after the enactment of the bill.