Expands Brownfields Redevelopment Incentive Program to provide tax credits to developers of residential redevelopment projects undertaken on remediated brownfield sites.

A4914

ASSEMBLY, No. 4914

STATE OF NEW JERSEY

222nd LEGISLATURE

�

INTRODUCED MAY 7, 2026

Sponsored by:

Assemblyman� BALVIR SINGH

District 7 (Burlington)

SYNOPSIS

���� Expands Brownfields Redevelopment Incentive Program
to provide tax credits to developers of residential redevelopment projects
undertaken on remediated brownfield sites.

CURRENT VERSION OF TEXT

���� As introduced.

��

An Act

concerning the Brownfields Redevelopment
Incentive Program, and amending P.L.2020, c.156.

����
Be It
Enacted
by the Senate and General Assembly of
the State of New Jersey:

���� 1.��� Section 10 of P.L.2020,
c.156 (C.34:1B-278) is amended to read as follows:

���� 10.� As used in sections 9
through 19 of P.L.2020, c.156 (C.34:1B-277 through C.34:1B-287):

����
"Affordable
housing" means housing occupied or restricted to occupancy by households
with income no greater than 80 percent of the regional median income,
including, but not limited to, housing that is deed restricted as affordable
pursuant to the "Fair Housing Act," P.L.1985, c.222 (C.52:27D-301 et
al.).

���� "Authority" means
the New Jersey Economic Development Authority established by section 4 of
P.L.1974, c.80 (C.34:1B-4).

���� "Board" means the
Board of the New Jersey Economic Development Authority, established pursuant to
section 4 of P.L.1974, c.80 (C.34:1B-4).

���� "Brownfield site"
means any real property in this State that is currently vacant or underutilized
and on which there has been, or there is suspected to have been, a discharge of
a contaminant or on which there is contaminated building material.

���� "Building services"
means any cleaning or routine building maintenance work, including, but not
limited to, sweeping, vacuuming, floor cleaning, cleaning of rest rooms,
collecting refuse or trash, window cleaning, securing, patrolling, or other
work in connection with the care or securing of an existing building, including
services typically provided by a door-attendant or concierge.� "Building
services" shall not include any skilled maintenance work, professional
services, or other public work for which a contractor is required to pay the
"prevailing wage" as defined in section 2 of P.L.1963, c.150
(C.34:11-56.26).

���� "Contaminated building
material" means components of a structure where abatement or removal of
asbestos, or remediation of materials containing hazardous substances defined
pursuant to section 3 of P.L.1976, c.141 (C.58:10-23.11b), is required by
applicable federal, state, or local rules or regulations.

���� "Contamination" or
"contaminant" means any discharged hazardous substance as defined
pursuant to section 3 of P.L.1976, c.141 (C.58:10-23.11b), hazardous waste as
defined pursuant to section 1 of P.L.1976, c.99 (C.13:1E-38), pollutant as
defined pursuant to section 3 of P.L.1977, c.74 (C.58:10A-3), or contaminated
building material.

���� "Department" means
the Department of Environmental Protection.

���� "Developer" means
any person that enters or proposes to enter into a redevelopment agreement with
the authority pursuant to the provisions of section 13 of P.L.2020, c.156
(C.34:1B-281).

���� "Director" means the
Director of the Division of Taxation in the Department of the Treasury.

���� "Equity" means
developer-contributed capital that may consist of cash, costs for project
feasibility incurred within the 12 months prior to application, property value
less any mortgages when the developer owns the project site, and any other investment
by the developer in the project that the authority deems acceptable.� Property
value shall be an amount equal to the lesser of:� (1) the purchase price,
provided the property was purchased pursuant to an arm's length transaction
within 12 months of application; or (2) the value as determined by a current
appraisal acceptable to the authority.� "Equity" includes federal or
local grants and proceeds from the sale of federal or local tax credits,
including, but not limited to, any federal tax credits that the redevelopment
receives pursuant to section 42 of the federal Internal Revenue Code of 1986
(26 U.S.C. s.42) and section 45D of the federal Internal Revenue Code of 1986
(26 U.S.C. s.45D).� "Equity" shall not include State grants or tax
credits or proceeds from redevelopment area bonds.� For a residential project
utilizing low income tax credits awarded by the New Jersey Housing and Mortgage
Financing Agency pursuant to section 19 of P.L.2008, c.46 (C.52:27D-321.1),
"equity" includes the portion of the developer's fee that is deferred
for a minimum of five years.

���� "Government-restricted
municipality" means a municipality in this State with a municipal
revitalization index distress score of at least 75, that met the criteria for
designation as an urban aid municipality in the 2019 State fiscal year, and that,
on the effective date of P.L.2020, c.156 (C.34:1B-269 et al.), is subject to
financial restrictions imposed pursuant to the "Municipal Stabilization
and Recovery Act," P.L.2016, c.4 (C.52:27BBBB-1 et seq.), or is restricted
in its ability to levy property taxes on property in that municipality as a
result of the State of New Jersey owning or controlling property representing
at least 25 percent of the total land area of the municipality or as a result
of the federal government of the United States owning or controlling at least
50 acres of the total land area of the municipality, which is dedicated as a
national natural landmark.

���� "Labor harmony
agreement" means an agreement between a business that serves as the owner
or operator of a retail establishment or distribution center and one or more
labor organizations, which requires, for the duration of the agreement:� that any
participating labor organization and its members agree to refrain from
picketing, work stoppages, boycotts, or other economic interference against the
business and that the business agrees to maintain a neutral posture with
respect to efforts of any participating labor organization to represent
employees at an establishment or other unit in the retail establishment or
distribution center, agrees to permit the labor organization to have access to
the employees, and agrees to guarantee to the labor organization the right to
obtain recognition as the exclusive collective bargaining representatives of
the employees in an establishment or unit at the retail establishment or
distribution center by demonstrating to the New Jersey State Board of
Mediation, Division of Private Employment Dispute Settlement, or a mutually
agreed-upon, neutral third party that a majority of workers in the unit have
shown their preference for the labor organization to be their representative by
signing authorization cards indicating that preference.� The labor organization
or organizations shall be from a list of labor organizations that have
requested to be on the list and that the Commissioner of Labor and Workforce
Development has determined represent substantial numbers of retail or distribution
center employees in the State.

���� "Licensed site
remediation professional" means an individual who is licensed by the Site
Remediation Professional Licensing Board pursuant to section 7 of P.L.2009,
c.60 (C.58:10C-7) or the department pursuant to section 12 of P.L.2009, c.60 (C.58:10C-12).

���� "Program" means the
Brownfields Redevelopment Incentive Program established by section 11 of
P.L.2020, c.156 (C.34:1B-279).

����
"Project costs"
means all reasonable costs incurred by a developer that are associated with the
construction of a residential redevelopment project.

���� "Project financing
gap" means the part of the total remediation cost
or total project cost
,
including reasonable and appropriate return on investment, that remains to be
financed after all other sources of capital have been accounted for, including,
but not limited to, developer contributed capital, which shall not be less than
20 percent of the total remediation cost
or total project cost
, and
investor or financial entity capital or loans for which the developer, after
making all good faith efforts to raise additional capital, certifies that
additional capital cannot be raised from other sources; provided, however, that
for a redevelopment project located in a government-restricted municipality,
the developer contributed capital shall not be less than 10 percent of the cost
of rehabilitation
or construction
.� When an applicant is proposing a new
project, the project financing gap shall consider the cost of the full project,
but the award size shall be based on remediation costs
and project costs
.�
Developer contributed capital may consist of cash, deferred development fees, costs
for project feasibility incurred within the 12 months prior to application,
property value less any mortgages when the developer owns the project site, and
any other investment by the developer in the project deemed acceptable by the
authority, as provided by regulations promulgated by the authority.� Property
value shall be valued at the lesser of either: a. the purchase price, provided
the property was purchased pursuant to an arm's length transaction within 12
months of application; or b. the value as determined by a current appraisal.

���� "Qualified incentive
tract" means: a. a population census tract having a poverty rate of 20
percent or more; or b. a census tract in which the median family income for the
census tract does not exceed 80 percent of the greater of the Statewide median
family income or the median family income of the metropolitan statistical area
in which the census tract is situated.

���� "Redevelopment
agreement" means an agreement between the authority and a developer under
which the developer agrees to perform any work or undertaking necessary for the
remediation of a brownfield site located at the site of the redevelopment project

or the construction of a residential redevelopment project
.

���� "Redevelopment
project" means a specific remediation project
or a residential
redevelopment project
undertaken, pursuant to the terms of a redevelopment
agreement, by a developer within an area of land whereon a brownfield site is
located.

����
"Remediated brownfield
site" means a former brownfield site whereon remediation was completed.

���� "Remediation" or
"remediate" means all necessary actions to investigate and clean up
or respond to any known, suspected, or threatened discharge of contaminants,
including, as necessary, the preliminary assessment, site investigation,
remedial investigation, and remedial action, or any portion thereof, as those
terms are defined in section 23 of P.L.1993, c.139 (C.58:10B-1); and hazardous
materials abatement; hazardous materials or waste disposal; building and
structural remedial activities, including, but not limited to, demolition,
asbestos abatement, polychlorinated biphenyl removal, improvement and capping
of landfills, contaminated wood or paint removal, or other infrastructure
remedial activities, provided, however, "remediation" or "remediate"
shall not include the payment of compensation for damage to, or loss of,
natural resources.

���� "Remediation costs"
means all reasonable costs associated with the remediation of a contaminated
site, except any costs incurred in financing the remediation.

����
"Residential redevelopment
project" means a predominately multi-family housing development project
undertaken, pursuant to the terms of a redevelopment agreement, by a developer on
a remediated brownfield site.� A developer of a �residential redevelopment
project� may be the same developer who remediates the brownfield site whereon
the new project is located.

(cf:� P.L.2024, c.61, s.5)

���� 2.��� Section 11 of P.L.2020,
c.156 (C.34:1B-279) is amended to read as follows:

���� 11.� The Brownfields
Redevelopment Incentive Program is established as a program under the
jurisdiction of the New Jersey Economic Development Authority.� The purpose of
the program is to compensate developers of redevelopment projects located on
brownfield sites for remediation costs
or project costs
.� To implement
this purpose, the authority shall issue tax credits.� The total value of tax
credits approved by the authority shall not exceed the limitations set forth in
section 98 of P.L.2020, c.156 (C.34:1B-362).� For the purpose of determining
the aggregate value of tax credits approved in a fiscal year, a tax credit
shall be deemed to have been approved at the time the authority approves an
application for an award of a tax credit.� If the authority approves less than
the total amount of tax credits authorized pursuant to this section in a fiscal
year, the remaining amount, plus any amounts remaining from previous fiscal
years, shall be added to the limit of subsequent fiscal years until that amount
of tax credits are claimed or allowed.� Any unapproved, uncertified, or
recaptured portion of tax credits during any fiscal year may be carried over
and reallocated in succeeding years.

(cf:� P.L.2020, c.156, s.11)

���� 3.��� Section 12 of P.L.2020,
c.156 (C.34:1B-280) is amended to read as follows:

���� 12.� a.� A developer seeking a
tax credit for a redevelopment project shall submit an application to the
authority and the department in a form and manner prescribed in regulations
adopted by the authority, in consultation with the department, pursuant to the
provisions of the
"Administrative Procedure
Act," P.L.1968, c.410 (C.52:14B-1 et seq.)
, provided that the
authority shall require separate applications for a remediation project and a
residential redevelopment project
.

���� b.��� A redevelopment project
that
is a remediation project
shall be eligible for a tax credit only if the
developer demonstrates to the authority and the department at the time of
application that:

���� (1)�� except as ordered by a
government official with jurisdiction over the brownfield site or certified by
a licensed site remediation professional to correct or prevent the spread of a
health, safety, or other hazard, and as provided in subsection j. of this
section, the developer has not commenced any remediation or clean up at the
site of the redevelopment project, except for preliminary assessments and
investigations, prior to applying for a tax credit pursuant to this section,
but intends to remediate the site immediately upon approval of the tax credit;

���� (2)�� the redevelopment
project is located on a brownfield site;

���� (3)�� without the tax credit,
the redevelopment project is not economically feasible;

���� (4)�� a project financing gap
exists for projects located outside of a government-restricted municipality
that have a total remediation cost of $5,000,000 or greater;

���� (5)�� the developer shall
obtain and submit to the authority, before approval by the board, a letter
evidencing support for the redevelopment project from the governing body of the
municipality in which the redevelopment project is located; and

���� (6)�� each worker employed to
perform remediation, construction, or building services work at the
redevelopment project shall be paid not less than the prevailing wage rate for
the worker's craft or trade, as determined by the Commissioner of Labor and
Workforce Development pursuant to P.L.1963, c.150 (C.34:11-56.25 et seq.).� The
prevailing wage requirements shall apply for remediation or construction work
through the completion of the redevelopment project, and the prevailing wage
requirements shall apply for building services work at the site of the
redevelopment project for 10 years following completion of the redevelopment
project.� In the event a redevelopment project, or the aggregate of all
redevelopment projects approved for an award under the program, constitute a
lease of more than 35 percent of a facility, the prevailing wage requirements
shall apply to the entire facility.

���� c.���� A redevelopment project
that received a reimbursement pursuant to sections 34 through 39 of P.L.1997,
c.278 (C.58:10B-26 through 58:10B-31) shall not be eligible to apply for a tax
credit under the program.� If the authority receives an application and supporting
documentation for approval of a reimbursement pursuant to sections 34 through
39 of P.L.1997, c.278 (C.58:10B-26 through 58:10B-31) prior to the effective
date of sections 9 through 19 of P.L.2020, c.156 (C.34:1B-277 through
C.34:1B-287), then the authority may consider the application and award a tax
credit to a developer, provided that the authority shall take final action on
all applications for approval of a reimbursement pursuant to sections 34
through 39 of P.L.1997, c.278 (C.58:10B-26 through 58:10B-31) no later than
July 1, 2019.� No applications shall be submitted pursuant to sections 34
through 39 of P.L.1997, c.278 (C.58:10B-26 through 58:10B-31) after the
effective date of sections 9 through 19 of P.L.2020, c.156 (C.34:1B-277 through
C.34:1B-287).

���� d. (1) Prior to approval of an
application, the authority shall confirm with the Department of Labor and
Workforce Development, the Department of Environmental Protection, and the
Department of the Treasury whether the developer is in substantial good standing
with the respective department, or has entered into an agreement with the
respective department that includes a practical corrective action plan for the
developer.� The authority may also contract with an independent third party to
perform a background check on the developer.� The developer shall certify that
any contractors or subcontractors that perform work at the redevelopment
project: (a) are registered as required by "The Public Works Contractor
Registration Act," P.L.1999, c.238 (C.34:11-56.48 et seq.); (b) have not
been debarred by the Department of Labor and Workforce Development from
engaging in or bidding on Public Works Contracts in New Jersey, and (c) possess
a tax clearance certificate issued by the Division of Taxation in the
Department of the Treasury.� Provided that the developer is in substantial good
standing with the Department of Labor and Workforce Development, the Department
of Environmental Protection, and the Department of the Treasury, or has entered
into such an agreement, and following approval of an application by the board,
the authority shall enter into a redevelopment agreement with the developer, as
provided for in section 13 of P.L.2020, c.156 (C.34:1B-281).�

���� (2)�� The authority, in
consultation with the department, may impose additional requirements upon an
applicant through rule or regulation adopted pursuant to the provisions of the
"Administrative Procedure Act," P.L.1968, c.410 (C.52:14B-1 et seq.),
if the authority or the department determines the additional requirements to be
necessary and appropriate to effectuate the purposes of sections 9 through 19
of P.L.2020, c.156 (C.34:1B-277 through C.34:1B-287).

���� e.���� The authority, in
consultation with the department, shall conduct a review of the applications
submitted
pursuant to this section
on a rolling basis, unless the authority
determines that demand is likely to exceed available tax credits, and then
through a competitive application process whereby the authority and the
department shall evaluate all applications submitted by a date certain, as if
all received applications were submitted on that date.� To receive a tax credit
award, a developer's application shall meet a minimum score, as determined by
the authority.� In addition to the eligibility criteria set forth in subsection
b.
or k.
of this section,
as applicable,
the authority, in
consultation with the department, may consider additional factors that may
include, but shall not be limited to: the economic feasibility of the
redevelopment project; the benefit of the redevelopment project to the
community in which the remediation project
or residential redevelopment
project
is located
, as applicable
; the degree to which the
redevelopment project enhances and promotes economic development and reduces
environmental or public health stressors in an overburdened community, as those
terms are defined by section 2 of P.L.2020, c.92 (C.13:1D-158), and attendant
department regulations; and, if the developer has a board of directors, the
extent to which that board of directors is diverse and representative of the
community in which the redevelopment project is located.� The authority, in
consultation with the department, shall submit applications that comply with
the eligibility criteria set forth in this section, fulfill the additional
factors considered by the authority pursuant to this subsection, satisfy the
submission requirements, and provide adequate information for the subject
application, to the board for final approval.

���� f.����
(1)
The
authority shall award tax credits to redevelopment projects
that are
remediation projects
until either the available tax credits are exhausted
or all
such
redevelopment projects that are eligible for a tax credit
pursuant to the provisions of sections 9 through 19 of P.L.2020, c.156
(C.34:1B-277 through C.34:1B-287) receive a tax credit, whichever occurs
first.� If insufficient funding exists to allow a tax credit to a developer in
accordance with the provisions of subsection a. of section 16 of P.L.2020,
c.156 (C.34:1B-284), the authority may offer the developer a value of the tax
credit below the amount provided for in subsection a. of section 16 of
P.L.2020, c.156 (C.34:1B-284).

����
(2) The authority shall
award tax credits to redevelopment projects that are residential redevelopment
projects until either the available tax credits are exhausted or all such
projects that are eligible for a tax credit pursuant to the provisions of
sections 9 through 19 of P.L.2020, c.156 (C.34:1B-277 through C.34:1B-287), as
amended by P.L. , c. (pending
before the Legislature as this bill), receive a tax credit, whichever occurs
first.� If insufficient funding exists to allow a tax credit to a developer in
accordance with the provisions of subsection a. of section 16 of P.L.2020,
c.156 (C.34:1B-284), the authority may offer the developer a value of the tax
credit below the amount provided for in subsection a. of section 16 of
P.L.2020, c.156 (C.34:1B-284).

���� g.��� A developer shall pay to
the authority or to the department, as appropriate, the full amount of the
direct costs of an analysis concerning the developer's application for a tax
credit, which a third party retained by the authority or department performs,
if the authority or department deems such retention to be necessary.

���� h.��� If the authority
determines that a developer made a material misrepresentation on the
developer's application, the developer shall forfeit all tax credits awarded
under the program.

���� i.���� If circumstances
require a developer to amend its application to the authority, then the
developer, or an authorized agent of the developer, shall certify to the
authority that the information provided in its amended application is true,
under the penalty of perjury.

���� j.���� A developer who has
commenced remediation or clean up at the site and who could not reasonably have
known the full extent of the site contamination prior to commencing the
remediation may still apply for a tax credit under the program, if the
developer certifies to the authority, under the penalty of perjury, that the
developer cannot reasonably finish the remediation and commence the
redevelopment project absent the tax credit.

����
k.��� A redevelopment
project that is a residential redevelopment project shall be eligible for a tax
credit only if the developer demonstrates to the authority and the department
at the time of application that:

����
(1)�� the redevelopment
project is located on a remediated brownfield site that is within two miles of
a public rail or light rail stop or within one mile of a public bus stop;

���� (
2)�� the redevelopment
project is primarily for multifamily housing, of which units:

����
(a)�� at least 25 percent
have three bedrooms;

����
(b)�� at least 50 percent have
two bedrooms; and

����
(c)�� at least 20 percent are
reserved for affordable housing;

����
(3)�� the developer shall
obtain and submit to the authority, before approval by the board, a letter
evidencing support for the redevelopment project from the governing body of the
municipality in which the residential redevelopment project is located;

����
(4)�� each worker employed
to perform construction or building services work at the redevelopment project
shall be paid not less than the prevailing wage rate for the worker's craft or
trade, as determined by the Commissioner of Labor and Workforce Development pursuant
to P.L.1963, c.150 (C.34:11-56.25 et seq.).� The prevailing wage requirements
shall apply for construction work through the completion of the redevelopment
project, and the prevailing wage requirements shall apply for building services
work at the site of the redevelopment project for 10 years following completion
of the redevelopment project.� In the event a redevelopment project constitutes
a lease of more than 35 percent of a facility, the prevailing wage requirements
shall apply to the entire facility; and

����
(5)�� any additional
requirements that the authority and department may require.

(cf:� P.L.2024, c.61, s.6)

���� 4.��� Section 13 of P.L.2020,
c.156 (C.34:1B-281) is amended to read as follows:

���� 13.� a.� Following approval of
an application by the board, but prior to the start of any remediation or clean
up at the site of the redevelopment project
that is a remediation project or
prior to the start of construction for a residential redevelopment project
,
except activities disclosed at the time of approval or those in accordance with
section 12 of P.L.2020, c.156 (C.34:1B-280), the authority shall enter into a
redevelopment agreement with the developer.� The chief executive officer of the
authority shall negotiate the terms and conditions of the redevelopment
agreement on behalf of the State.

���� b.��� The redevelopment
agreement shall specify the amount of the tax credit to be awarded to the
developer, the date on which the developer shall complete the remediation
or
construction
, and the projected project remediation cost
or projected
project costs
.� The redevelopment agreement shall require the developer to
submit progress reports to the authority and to the department every six months
pursuant to section 15 of P.L.2020, c.156 (C.34:1B-283).

���� c.���� The authority shall not
enter into a redevelopment agreement with a developer unless:

���� (1)�� the redevelopment
project complies with standards established by the authority in accordance with
the green building manual prepared by the Commissioner of Community Affairs
pursuant to section 1 of P.L.2007, c.132 (C.52:27D-130.6), regarding the use of
renewable energy, energy-efficient technology, and non-renewable resources to
reduce environmental degradation and encourage long-term cost reduction;

���� (2)�� the redevelopment
project complies with the authority's affirmative action requirements, adopted
pursuant to section 4 of P.L.1979, c.303 (C.34:1B-5.4); and

���� (3)�� the developer pays each
worker employed to perform remediation work, construction work, or building
services work at the redevelopment project not less than the prevailing wage
rate in accordance with the requirements of paragraph (6) of subsection b. of
section 12 of P.L.2020, c.156 (C.34:1B-280) for the worker's craft or trade, as
determined by the Commissioner of Labor and Workforce Development pursuant to
P.L.1963, c.150 (C.34:11-56.25 et seq.).

���� d.��� The authority shall not
enter into a redevelopment agreement unless the developer demonstrates, to the
satisfaction of the Department of Environmental Protection, that the developer
did not discharge a hazardous substance at the brownfield site proposed to be
in the redevelopment agreement and is not a corporate successor to the
discharger, to any person in any way responsible for the hazardous substance,
or to anyone liable for cleanup and removal costs pursuant to section 8 of
P.L.1976, c.141 (C.58:10-23.11g).

���� e.���� (1)� Except as provided
in paragraph (2) of this subsection, the authority shall not enter into a
redevelopment agreement for a redevelopment project that includes at least one
retail establishment that will have more than 10 employees or at least one distribution
center that will have more than 20 employees, unless the redevelopment
agreement includes a precondition that any business that serves as the owner or
operator of the retail establishment or distribution center enters into a labor
harmony agreement with a labor organization or cooperating labor organizations
which represent retail or distribution center employees in the State.

���� (2)�� A labor harmony
agreement shall be required only if the State has a proprietary interest in the
redevelopment project and shall remain in effect for as long as the State acts
as a market participant in the redevelopment project.� The authority may enter into
a redevelopment agreement with a developer without the labor harmony agreement
required under paragraph (1) of this subsection only if the authority
determines that the redevelopment project would not be feasible if a labor
harmony agreement is required.� The authority shall support the determination
by a written finding, which provides the specific basis for the determination.

���� (3)�� (Deleted by amendment,
P.L.2024, c.61)

���� f.���� The redevelopment
agreement shall provide that issuance of a tax credit under the program shall
be conditioned upon the subrogation to the department of all rights of the
developer to recover remediation costs from any other person who discharges a
hazardous substance or is in any way responsible, pursuant to section 8 of
P.L.1976, c.141 (C.58:10-23.11g), for a hazardous substance that was discharged
at the brownfield site.

���� g.��� A developer may seek a
revision to the redevelopment agreement if the developer cannot complete the
remediation
or construction
on or before the date set forth in the
redevelopment agreement.� A developer's ability to change the date on which the
developer shall complete the remediation
or construction
shall be
subject to the availability of tax credits in the year of the revised date of
completion.

���� h.���
[
A
]

(1)� For a
redevelopment project that is a remediation project, a
developer shall
submit to the authority satisfactory evidence of the actual remediation costs,
as certified by a certified public accountant, and a licensed site remediation
professional for costs under the jurisdiction of the "Site Remediation
Reform Act," sections 1 through 29 of P.L.2009, c.60 (C.58:10C-1 et seq.),
and as applicable, other appropriate licensed or certified professional for
costs that are not under the jurisdiction of the "Site Remediation Reform
Act," evidence of completion of the remediation as demonstrated by a
Response Action Outcome where the remediation is subject to the "Site
Remediation Reform Act," a certification from the appropriate licensed or
certified professional for other remedial activities, and a certification that
all information provided by the developer to the authority is true, including
information contained in the application, the redevelopment agreement, any
amendment to the redevelopment agreement, and any other information submitted
by the developer to the authority pursuant to sections 9 through 19 of
P.L.2020, c.156 (C.34:1B-277 through C.34:1B-287).� The developer, or an
authorized agent of the developer, shall certify under the penalty of perjury
that the information provided pursuant to this subsection is true.

����
(2)�� For a redevelopment
project that is a residential redevelopment project, a developer shall submit
to the authority satisfactory evidence of the actual project costs, as
certified by a certified public accountant, evidence of a temporary certificate
of occupancy, or other event evidencing project completion, and a certification
that all information provided by the developer to the authority is true,
including information contained in the application, the redevelopment
agreement, any amendment to the redevelopment agreement, and any other
information submitted by the developer to the authority pursuant to sections 9
through 19 of P.L.2020, c.156 (C.34:1B-277 through C.34:1B-287).� The
developer, or an authorized agent of the developer, shall certify under the
penalty of perjury that the information provided pursuant to this subsection is
true.

���� i.���� The redevelopment
agreement shall include a provision allowing the authority to recapture the tax
credits for any year in which the Department of Environmental Protection, the
Department of Labor and Workforce Development, or the Department of the Treasury
that advises the authority that the developer is not in substantial good
standing with the respective department, nor has the developer entered into an
agreement with the respective department that includes a practical corrective
action plan for the developer.� The redevelopment agreement shall also include
a provision allowing the authority to recapture the tax credits for any year in
which the developer fails to confirm that each contractor or subcontractor
performing work at the redevelopment project: (1) is registered as required by
"The Public Works Contractor Registration Act," P.L.1999, c.238
(C.34:11-56.48 et seq.); (2) has not been debarred by the Department of Labor
and Workforce Development from engaging in or bidding on Public Works Contracts
in New Jersey; and (3) possesses a tax clearance certificate issued by the
Division of Taxation in the Department of the Treasury.

(cf:� P.L.2024, c.61, s.7)

���� 5.��� Section 15 of P.L.2020,
c.156 (C.34:1B-283) is amended to read as follows:

���� 15.� Commencing with the date
six months following the date the authority and a developer execute a
redevelopment agreement and every six months thereafter until completion of the
project, the developer shall submit an update of the status of the redevelopment
project to the authority and to the department, including the remediation costs
incurred by the developer for the remediation of the contaminated property
located at the site of the redevelopment project
that is a remediation
project or the project costs incurred by the developer for the construction of
a residential redevelopment project
.� Unless the authority determines that
extenuating circumstances exist, the authority's approval of a tax credit shall
expire if the authority, the department, or both, do not timely receive the
status update required under this section.� The authority may rescind an award
of tax credits under the program if a redevelopment project fails to advance in
accordance with the redevelopment agreement.

(cf:� P.L.2020, c.156, s.15)

���� 6.��� Section 16 of P.L.2020,
c.156 (C.34:1B-284) is amended to read as follows:

���� 16.� a.� Upon completion of
the remediation
of a remediation project or the construction of a
residential redevelopment project
, the developer shall seek certification
from the authority, in consultation with the department, that:

���� (1)�� the remediation
or
construction
is complete;

���� (2)�� the developer complied
with the requirements of section 14 of P.L.2020, c.156 (C.34:1B-282), as
applicable, and section 15 of P.L.2020, c.156 (C.34:1B-283); and

���� (3)�� the remediation costs
or
project costs
were actually and reasonably incurred.

���� Upon receipt of certification,
and confirmation by the authority that the developer's obligations under the
redevelopment agreement have been met, a developer shall be awarded a credit
against the tax imposed pursuant to section 5 of P.L.1945, c.162 (C.54:10A-5),
sections 2 and 3 of P.L.1945, c.132 (C.54:18A-2 and C.54:18A-3), section 1 of
P.L.1950, c.231 (C.17:32-15), or N.J.S.17B:23-5 as follows: (a) for
a
remediation
project located in a qualified incentive tract or
government-restricted municipality, in an amount not to exceed 80 percent of
the actual remediation costs, 80 percent of the projected remediation costs as
set forth in the redevelopment agreement, or $12,000,000, whichever is least;
(b) for a
remediation
project erecting a solar panel array on the site
of a closed sanitary landfill, in an amount not to exceed 100 percent of the
costs of remediation and capping of the landfill, $12,000,000 if the project is
located in a qualified incentive tract or government-restricted municipality,
or $8,000,000 if the project is located anywhere else in the State, whichever
is least;
[
and
]
(c) for all
other
remediation
projects, in an amount not to exceed 60 percent of the
actual remediation costs, 60 percent of the projected remediation costs as set
forth in the redevelopment agreement, or $8,000,000, whichever is least
; (d)
for a residential redevelopment project located in a qualified incentive tract
or government-restricted municipality, in an amount not to exceed 100 percent
of the actual project costs, 100 percent of the projected project costs as set
forth in the redevelopment agreement, or $6,000,000, whichever is least; and (e)
for all other residential redevelopment projects, in an amount not to exceed 60
percent of the actual project costs, 60 percent of the projected project costs
as set forth in the redevelopment agreement, or $8,000,000, whichever is least
.�
The developer, or an authorized agent of the developer, shall certify that the
information provided to the department and the authority pursuant to this
subsection is true under the penalty of perjury.

���� b.��� When filing an
application for certification pursuant to subsection a. of this section, the
developer shall submit to the department and the authority: (1)
for a
remediation project,
the total remediation costs incurred by the developer
for the remediation of the subject property located at the site of the
redevelopment project, as provided in the redevelopment agreement and certified
by a certified public accountant, a licensed site remediation professional for
costs under the jurisdiction of the "Site Remediation Reform Act,"
sections 1 through 29 of P.L.2009, c.60 (C.58:10C-1 et seq.), and, as
applicable, other appropriate licensed or certified professional for costs that
are not under the jurisdiction of the "Site Remediation Reform Act";
(2)
for a remediation project,
evidence of completion of the
remediation, as demonstrated by a Response Action Outcome where the remediation
is subject to the "Site Remediation Reform Act"; (3)
for a
remediation project,
a certification from the appropriate licensed or
certified professional for other remedial activities; (4) as applicable,
information concerning the occupancy rate of any buildings or other work areas
located on the property subject to the redevelopment agreement; and (5) such
other information as the department deems necessary in order to make the
certifications and findings pursuant to this section
, including such other
information as the department deems necessary in order to certify completion of
a residential redevelopment project
.

���� c.���� A developer shall apply
the credit awarded against the developer's liability for the tax imposed
pursuant to section 5 of P.L.1945, c.162 (C.54:10A-5), sections 2 and 3 of
P.L.1945, c.132 (C.54:18A-2 and C.54:18A-3), section 1 of P.L.1950, c.231
(C.17:32-15), or N.J.S.17B:23-5 for the privilege period during which the
director awards the developer a tax credit pursuant to subsection a. of this
section.� A developer shall not carry forward any unused credit.

���� d.��� The director shall
prescribe the order of priority of the application of the credit awarded under
this section and any other credits allowed by law against the tax imposed under
section 5 of P.L.1945, c.162 (C.54:10A-5).� The amount of the credit applied
under this section against the tax imposed pursuant to section 5 of P.L.1945,
c.162 (C.54:10A-5) for a privilege period, together with any other credits
allowed by law, shall not reduce the tax liability to an amount less than the
statutory minimum provided in subsection (e) of section 5 of P.L.1945, c.162
(C.54:10A-5).

(cf:� P.L.2024, c.61, s.9)

���� 7.��� Section 19 of P.L.2020,
c.156 (C.34:1B-287) is amended to read as follows:

���� 19.� a.� Notwithstanding the
provisions of the "Administrative Procedure Act," P.L.1968, c.410
(C.52:14B-1 et seq.), to the contrary, the chief executive officer of the
authority, in consultation with the Commissioner of Environmental Protection,
may adopt, immediately upon filing with the Office of Administrative Law,
regulations that the chief executive officer and commissioner deem necessary to
implement the provisions of sections 9 through 19 of P.L.2020, c.156
(C.34:1B-277 through C.34:1B-287), which regulations shall be effective for a
period not to exceed 360 days from the date of the filing.� The chief executive
officer, in consultation with the Commissioner of Environmental Protection,
shall thereafter amend, adopt, or readopt the regulations in accordance with
the requirements of P.L.1968, c.410 (C.52:14B-1 et seq.).� The rules shall
require annual reporting by developers that receive tax credits pursuant to the
program, in addition to the regular progress updates.� As part of the
authority's review of the annual reports required from a developer, the
authority shall confirm with the Department of Labor and Workforce Development,
the Department of Environmental Protection, and the Department of the Treasury
that the developer is in substantial good standing with the respective
department, or has entered into an agreement with the respective department
that includes a practical corrective action plan, and the developer shall
certify that any contractors or subcontractors performing work at the redevelopment
project: (1) are registered as required by "The Public Works Contractor
Registration Act," P.L.1999, c.238 (C.34:11-56.48 et seq.); (2) have not
been debarred by the Department of Labor and Workforce Development from
engaging in or bidding on Public Works Contracts in New Jersey; and (3) possess
a tax clearance certificate issued by the Division of Taxation in the
Department of the Treasury.� The rules and regulations adopted pursuant to this
section shall also include a provision to require that, in any year in which
the developer is not in substantial good standing with the Department of Labor
and Workforce Development, the Department of Environmental Protection, or the
Department of the Treasury, the developer may forfeit all tax credits awarded in
that year, and to allow the authority to extend, in individual cases, the
deadline for any annual reporting requirement established pursuant to this
section.

���� b.��� Notwithstanding
any provision of the "Administrative Procedure
Act," P.L.1968, c.410 (C.52:14B-1 et seq.), to the contrary, the chief
executive officer of the authority may adopt, immediately upon filing with the
Office of Administrative Law, rules and regulations necessary to implement the
provisions of P.L.2024, c.61.� The rules and regulations adopted pursuant to
this section shall be effective for a period not to exceed 365 days following
the date of filing and may thereafter be amended, adopted, or readopted by the
director in accordance with the requirements of P.L.1968, c.410 (C.52:14B-1 et
seq.).

����
c.���� Notwithstanding any
provision of the "Administrative Procedure Act," P.L.1968, c.410
(C.52:14B-1 et seq.), to the contrary, the chief executive officer of the
authority may adopt, immediately upon filing with the Office of Administrative
Law, rules and regulations necessary to implement the provisions of P.L. ,
c. (pending before the Legislature as this bill).� The
rules and regulations adopted pursuant to this subsection shall be effective
for a period not to exceed 365 days following the date of filing and may thereafter
be amended, adopted, or readopted by the chief executive officer in accordance
with the requirements of P.L.1968, c.410 (C.52:14B-1 et seq.).

(cf:� P.L.2024, c.61, s.10)

���� 8.��� Section 98 of P.L.2020,
c.156 (C.34:1B-362) is amended to read as follows:

���� 98.� a.� The combined value of
all tax credits awarded under the "Historic Property Reinvestment
Act," sections 2 through 8 of P.L.2020, c.156 (C.34:1B-270 through
34:1B-276); the "Brownfields Redevelopment Incentive Program Act,"
sections 9 through 19 of P.L.2020, c.156 (C.34:1B-277 through 34:1B-287); the
"New Jersey Innovation Evergreen Act," sections 20 through 34 of
P.L.2020, c.156 (C.34:1B-288 through 34:1B-302); the "Food Desert Relief
Act," sections 35 through 42 of P.L.2020, c.156 (C.34:1B-303 through 34:1B-310);
the "New Jersey Aspire Program Act," sections 54 through 67 of
P.L.2020, c.156 (C.34:1B-322 through 34:1B-335); the "Emerge Program
Act," sections 68 through 81 of P.L.2020, c.156 (C.34:1B-336 et al.);
section 6 of P.L.2010, c.57 (C.34:1B-209.4); the "Cultural Arts Incentives
Program Act," P.L.2023, c.197 (C.34:1B-383 et al.); the "Next New
Jersey Program Act," P.L.2024, c.49 (C.34:1B-394 et al.); P.L.2025, c.111
(C.55:14K-106 et al.); and the "Next New Jersey Manufacturing Program
Act," P.L.2025, c.123 (C.34:1B-403 et al.) shall not exceed an overall cap
of
[
$11.5
]

$11.65

billion over a nine-year period, subject to the conditions and limitations set
forth in this section.� Of this
[
$11.5
]

$11.65

billion, $2.5 billion shall be reserved for transformative projects approved
under the Aspire Program.

���� b.��� (1)� The total value of
tax credits awarded under any constituent program of the "New Jersey
Economic Recovery Act of 2020," P.L.2020, c.156 (C.34:1B-269 et al.); the
"Cultural Arts Incentives Program Act," P.L.2023, c.197 (C.34:1B-383
et al.); the "Next New Jersey Program Act," P.L.2024, c.49
(C.34:1B-394 et al.), P.L.2025, c.111 (C.55:14K-106 et al.); and the �Next New
Jersey Manufacturing Program Act,� P.L.2025, c.123 (34:1B-403 et al.) shall be
subject to the following limitations, except as otherwise provided in
subsection c. of this section:

���� (a)�� for tax credits awarded
under the "Historic Property Reinvestment Act," sections 2 through 8
of P.L.2020, c.156 (C.34:1B-270 through 34:1B-276), the total value of tax
credits annually awarded during each of the first six years of the nine-year
period shall not exceed $50 million;

���� (b)�� (i)� for tax credits
awarded under the "Brownfields Redevelopment Incentive Program Act,"
sections 9 through 19 of P.L.2020, c.156 (C.34:1B-277 through 34:1B-287), the
total value of tax credits annually awarded during each of the first six years
of the nine-year period shall not exceed $50 million and the total value of tax
credits awarded over the entirety of the nine-year period shall not exceed
[
$100,000,000
]

$250,000,000,
of which not more than $150,000,000 in tax credits shall be awarded to the developers
of residential redevelopment projects
;

���� (ii)�� from the tax credits
made available to the "Brownfields Redevelopment Incentive Program
Act," sections 9 through 19 of P.L.2020, c.156 (C.34:1B-277 through
34:1B-287), the sum of $200,000,000 in tax credits shall be allocated to the
New Jersey Housing and Mortgage Finance Agency, established pursuant to
P.L.1983, c.530 (C.55:14K-1 et seq.), which tax credits shall be sold through
competitive auctions conducted pursuant to sections 3 through 7 of P.L.2025,
c.111 (C.55:14K-106 through 55:14K-110).� All proceeds of the tax credit
auctions shall be used by the New Jersey Housing and Mortgage Finance Agency
for the purposes authorized in subsection b. of section 4 of P.L.2025, c.111
(C.55:14K-107).� Notwithstanding any provision of law or regulation to the contrary,
the tax credits reallocated to the New Jersey Housing and Mortgage Finance
Agency shall not be subject to any requirements or conditions of the "New
Jersey Economic Recovery Act of 2020," P.L.2020, c.156 (C.34:1B-269 et
al.), as amended or supplemented;

���� (c)�� for tax credits awarded
under the "New Jersey Innovation Evergreen Act," sections 20 through
34 of P.L.2020, c.156 (C.34:1B-288 through 34:1B-302), the total value of tax
credits annually awarded during each of the first six years of the nine-year
period shall not exceed $60 million and the total value of tax credits awarded
over the entirety of the nine-year period shall not exceed $300,000,000;

���� (d)�� for tax credits awarded
under the "Food Desert Relief Act," sections 35 through 42 of
P.L.2020, c.156 (C.34:1B-303 through 34:1B-310), the total value of tax credits
annually awarded during each of the first six years of the nine-year period shall
not exceed $40 million;

���� (e)�� for tax credits awarded
under the� "Cultural Arts Incentives Program Act," P.L.2023, c.197
(C.34:1B-383 et al.), the total value of tax credits awarded during the
nine-year period shall not exceed $1,200,000,000;

���� (f)�� for tax credits awarded
under the "New Jersey Aspire Program Act," sections 54 through 67 of
P.L.2020, c.156 (C.34:1B-322 through 34:1B-335), and the "Emerge Program
Act," sections 68 through 81 of P.L.2020, c.156 (C.34:1B-336 et al.), not
including tax credits awarded for transformative projects, the total value of
tax credits annually awarded during each of the first six years of the
nine-year period shall not exceed $1.1 billion.� If the authority awards tax
credits in an amount less than the annual limitation, then the uncommitted
portion of the annual limitation shall be made available for qualified offshore
wind projects awarded under section 6 of P.L.2010, c.57 (C.34:1B-209.4),
pursuant to subparagraph (h) of this paragraph, projects awarded a tax credit
pursuant to the "Next New Jersey Program Act," P.L.2024, c.49
(C.34:1B-394 et al.), pursuant to subparagraph (k) of this paragraph, projects
awarded a tax credit pursuant to the �Next New Jersey Manufacturing Program
Act,� P.L.2025, c.123 (C.34:1B-403 et al.), pursuant to subparagraph (l) of
this paragraph, cultural arts institutions awarded a tax credit pursuant to the
�Cultural Arts Incentives Program Act,� P.L.2023, c.197 (C.34:1B-383 et al.),
pursuant to subparagraph (l) of this paragraph, or New Jersey studio partners,
New Jersey film-lease production companies, and taxpayers, other than New
Jersey studio partners and New Jersey film-lease production companies awarded
under sections 1 and 2 of P.L.2018, c.56 (C.54:10A-5.39b and C.54A:4-12b), pursuant
to subparagraph (i) of this paragraph and subsection d. of this section.�
During each of the first six years of the nine-year period, the authority shall
annually award tax credits valuing no greater than $715 million for projects
located in the northern counties of the State, and the authority shall annually
award tax credits valuing no greater than $385 million for projects located in
the southern counties of the State under the "New Jersey Aspire Program
Act," sections 54 through 67 of P.L.2020, c.156 (C.34:1B-322 through
34:1B-335), and the "Emerge Program Act," sections 68 through 81 of
P.L.2020, c.156 (C.34:1B-336 et al.).� If during any of the first six years of
the nine-year period, the authority awards tax credits under the "New Jersey
Aspire Program Act," sections 54 through 67 of P.L.2020, c.156
(C.34:1B-322 through 34:1B-335), and the "Emerge Program Act,"
sections 68 through 81 of P.L.2020, c.156 (C.34:1B-336 et al.), in an amount
less than the annual limitation for projects located in northern counties or
southern counties, as applicable, the uncommitted portion of the annual
limitation shall be available to be deployed by the authority in a subsequent
year, provided that the uncommitted portion of tax credits shall be awarded for
projects located in the applicable geographic area, except that (i) after the
completion of the third year of the nine-year period, the authority may deploy
50 percent of the uncommitted portion of tax credits for any previous year
without consideration to the county in which a project is located; and (ii)
after the completion of the sixth year of the nine-year period, the authority
may deploy all available tax credits, including the uncommitted portion of the
annual limitation for any previous year, without consideration to the county in
which a project is located;

���� (g)�� except as provided in
subparagraph (j) of this paragraph, for tax credits awarded for transformative
projects under the "New Jersey Aspire Program Act," sections 54
through 67 of P.L.2020, c.156 (C.34:1B-322 through 34:1B-335), the total value of
tax credits awarded during the nine-year period shall not exceed $2.5 billion.�
The total value of tax credits awarded for transformative projects in a given
year shall not be subject to an annual limitation, except that the total value
of tax credits awarded to any transformative project shall not exceed $400
million;

���� (h)�� from the tax credits
made available, pursuant to subparagraph (f) of this paragraph, to the
"New Jersey Aspire Program Act," sections 54 through 67 of P.L.2020,
c.156 (C.34:1B-322 through 34:1B-335), and the "Emerge Program Act,"
sections 68 through 81 of P.L.2020, c.156 (C.34:1B-336 et al.), not including
tax credits awarded for transformative projects, an amount not to exceed
$350,000,000 shall be made available for qualified offshore wind projects
awarded a credit pursuant to section 6 of P.L.2010, c.57 (C.34:1B-209.4) during
the first three years of the nine-year period;

���� (i)��� beginning in fiscal
year 2023, from the tax credits made available, pursuant to subparagraph (f) of
this paragraph, to the "New Jersey Aspire Program Act," sections 54
through 67 of P.L.2020, c.156 (C.34:1B-322 through 34:1B-335), and the "Emerge
Program Act," sections 68 through 81 of P.L.2020, c.156 (C.34:1B-336 et
al.), not including tax credits awarded for transformative projects, additional
amounts shall be made available for New Jersey studio partners, New Jersey
film-lease production companies, and taxpayers, other than New Jersey studio
partners and New Jersey film-lease production companies pursuant to sections 1
and 2 of P.L.2018, c.56 (C.54:10A-5.39b and C.54A:4-12b);

���� (j)��� beginning in fiscal
year 2024, from the tax credits made available, pursuant to subparagraph (f) of
this paragraph, to the "New Jersey Aspire Program Act," sections 54
through 67 of P.L.2020, c.156 (C.34:1B-322 through 34:1B-335) and the "Emerge
Program Act," sections 68 through 81 of P.L.2020, c.156 (C.34:1B-336 et
al.), not including tax credits awarded for transformative projects, an amount
not to exceed $500,000,000 may be annually transferred for the award to
transformative projects under the "New Jersey Aspire Program Act,"
sections 54 through 67 of P.L.2020, c.156 (C.34:1B-322 through 34:1B-335),
provided that: (i) the remaining allocation of tax credits otherwise available
for transformative projects, pursuant to subparagraph (g) of this paragraph, is
less than $1,000,000,000; and (ii) the authority board determines that the
transfer of tax credits is warranted based on such criteria as the authority
deems appropriate, which may include the criteria set forth in paragraph (2) of
this subsection.� If a transfer of tax credits is made pursuant to this
subparagraph, the authority shall award no greater than 65 percent of the tax
credits transferred pursuant to this subparagraph to transformative projects
located in the northern counties of the State and no greater than 35 percent of
the tax credits transferred pursuant to this subparagraph to transformative
projects located in the southern counties of the State;

���� (k)�� beginning in fiscal year
2025, from the tax credits made available, pursuant to subparagraph (f) of this
paragraph, to the "New Jersey Aspire Program Act," sections 54
through 67 of P.L.2020, c.156 (C.34:1B-322 through 34:1B-335) and the "Emerge
Program Act," sections 68 through 81 of P.L.2020, c.156 (C.34:1B-336 et
al.), but not including tax credits awarded for transformative projects, an
amount not to exceed $500,000,000 shall be made available for projects awarded
a tax credit pursuant to the "Next New Jersey Program Act," P.L.2024,
c.49 (C.34:1B-394 et al.);

���� (l)��� once the tax credits
allocated for competitive auctions conducted pursuant to sections 3 through 7
of P.L.2025, c.111 (C.55:14K-106 through 55:14K-110) pursuant to
subsubparagraph (ii) of subparagraph (b) of this paragraph are exhausted, from
the tax credits made available, pursuant to subparagraph (f) of this paragraph,
to the "New Jersey Aspire Program Act," sections 54 through 67 of
P.L.2020, c.156 (C.34:1B-322 through 34:1B-335) and the "Emerge Program
Act," sections 68 through 81 of P.L.2020, c.156 (C.34:1B-336 et al.), but
not including tax credits awarded for transformative projects, the sum of
$300,000,000 shall be made available to the New Jersey Housing and Mortgage
Finance Agency, established pursuant to P.L.1983, c.530 (C.55:14K-1 et seq.),
which tax credits shall be sold through� competitive auctions conducted
pursuant to sections 3 through 7 of P.L.2025, c.111 (C.55:14K-106 through
55:14K-110).� The amount made available pursuant to this subparagraph shall be
allocated in annual installments, each of which is not to exceed the cap set
forth in paragraph (3) of subsection a. of section 4 of P.L.2025, c.111
(C.55:14K-107), as needed to conduct auctions pursuant to that section.� All
proceeds of the tax credit auctions shall be used by the New Jersey Housing and
Mortgage Finance Agency for the purposes authorized in subsection b. of section
4 of P.L.2025, c.111 (C.55:14K-107).� Notwithstanding any provision of law or
regulation to the contrary, the tax credits reallocated to the New Jersey Housing
and Mortgage Finance Agency shall not be subject to any requirements or
conditions of the "New Jersey Economic Recovery Act of 2020,"
P.L.2020, c.156 (C.34:1B-269 et al.), as amended or supplemented; and

���� (m)� beginning in fiscal year
2026, from the tax credits made available, pursuant to subparagraph (f) of this
paragraph, to the "New Jersey Aspire Program Act," sections 54
through 67 of P.L.2020, c.156 (C.34:1B-322 through 34:1B-335) and the "Emerge
Program Act," sections 68 through 81 of P.L.2020, c.156 (C.34:1B-336 et
al.), but not including tax credits awarded for transformative projects, an
amount not to exceed $500,000,000 shall be made available for projects awarded
a tax credit pursuant to the �Next New Jersey Manufacturing Program Act,�
P.L.2025, c.123 (C.34:1B-403 et al.) and an amount not to exceed $500,000,000
shall be made available for cultural arts institutions awarded a tax credit
pursuant to the �Cultural Arts Incentives Program Act,� P.L.2023, c.197
(C.34:1B-383 et al.). In accordance with the provisions of subsection g. of
section 5 of P.L.2025, c.123 (C.34:1B-407), $100,000,000 of the tax credits
made available to the �Next New Jersey Manufacturing Program Act,� P.L.2025,
c.123 (C.34:1B-403 et al.) pursuant to this subparagraph shall be reserved
exclusively for eligible businesses that are clean energy product
manufacturers.

���� (2)�� The authority may in any
given year determine that it is in the State's interest to approve an amount of
tax credits in excess of the annual limitations set forth in paragraph (1) of
this subsection, but in no event more than $200,000,000 in excess of the annual
limitation, upon a determination by the authority board that such increase is
warranted based on specific criteria that may include:

���� (i)��� the increased demand
for opportunities to create or retain employment and investment in the State as
indicated by the volume of project applications and the amount of tax credits
being sought by those applications;

���� (ii)�� the need to protect the
State's economic position in the event of an economic downturn;

���� (iii)� the quality of project
applications and the net economic benefit to the State and municipalities
associated with those applications;

���� (iv)� opportunities for
project applications to strengthen or protect the competitiveness of the State
under the prevailing market conditions;

���� (v)�� enhanced access to
employment and investment for underserved populations in distressed
municipalities and qualified incentives tracts;

���� (vi)� increased investment and
employment in high-growth technology sectors and in projects that entail
collaboration with education institutions in the State;

���� (vii)� increased development
proximate to mass transit facilities;

���� (viii)� any other factor
deemed relevant by the authority.

���� c.���� In the event that the
authority in any year approves projects for tax credits in an amount less than
the annual limitations set forth in paragraph (1) of subsection b. of this
section, then the uncommitted portion of the annual limitation shall be available
to be deployed by the authority in future years for projects under the same
program, provided however, that in no event shall the aggregate amount of tax
credits approved be in excess of the overall cap of
[
$11.5
]

$11.65
billion, and in no
event shall the uncommitted portion of the annual limitation for any previous
year be deployed after the conclusion of the nine-year period.

���� d.��� Notwithstanding the
provisions of any other law to the contrary, the uncommitted balance of the
total value of tax credits authorized for award by the authority pursuant to
subparagraph (f) of paragraph (1) of subsection b. of this section to the
"New Jersey Aspire Program Act," sections 54 through 67 of P.L.2020,
c.156 (C.34:1B-322 et seq.), and the "Emerge Program Act," sections
68 through 81 of P.L.2020, c.156 (C.34:1B-336 et al.), shall be made available
for tax credits allowed to New Jersey studio partners, New Jersey film-lease
production companies, and taxpayers, other than New Jersey studio partners and
New Jersey film-lease production companies pursuant to sections 1 and 2 of
P.L.2018, c.56 (C.54:10A-5.39b and C.54A:4-12b).� The value of tax credits,
including tax credits allowed through the granting of tax credit transfer
certificates, made available to New Jersey studio partners, New Jersey
film-lease production companies, and taxpayers, other than New Jersey studio
partners and New Jersey film-lease production companies pursuant to this
subsection shall be as follows:

���� (1)�� in fiscal year 2023,
$250,000,000 for New Jersey studio partners and $250,000,000 for New Jersey
film-lease production companies;

���� (2)�� in fiscal year 2024,
$250,000,000 for New Jersey studio partners and $250,000,000 for New Jersey
film-lease production companies; and

���� (3)�� in fiscal year 2025,
$250,000,000 for New Jersey studio partners, $250,000,000 for New Jersey
film-lease production companies, and $300,000,000 for taxpayers, other than New
Jersey studio partners and New Jersey film-lease production companies.

���� If the value of tax credits,
including tax credits allowed through the granting of tax credit transfer
certificates, approved to New Jersey studio partners and New Jersey film-lease
production companies in any fiscal year pursuant to this subsection is less
than the cumulative total amount of tax credits permitted to be approved in
that fiscal year, the authority shall certify the amount of the remaining tax
credits available for approval to each such category in that fiscal year and
shall increase the cumulative total amount of tax credits permitted to be
approved for New Jersey studio partners and New Jersey film-lease production
companies in the subsequent fiscal year by the certified amount remaining for
each such category from the prior fiscal year.

(cf:� P.L.2025, c.127, s.10)

���� 9.��� This act shall take
effect immediately and shall apply to any applications submitted for a
redevelopment project following the effective date of this act.

STATEMENT

���� This bill expands the
Brownfields Redevelopment Incentive Program (program) to authorize the issuance
of tax credits to the developers of certain residential redevelopment projects
located on former brownfield sites that have undergone and completed remediation.

���� Under current law, the
developers of certain redevelopment projects that involve the remediation of
brownfield sites may apply to the Economic Development Authority (EDA) for tax
credits under the program based on the amount of the remediation costs associated
with the project.� This bill would expand the program to also allow the
issuance of tax credits to the developers of residential redevelopment projects
that are undertaken on remediated brownfield sites.�� Under the bill, the
developer of a residential redevelopment project may be awarded a tax credit
based on the project costs incurred by the developer.

���� Under the bill, a �residential
redevelopment project� is defined as a predominately multi-family housing
development project undertaken, pursuant to the terms of a redevelopment
agreement between the developer and the EDA, by a developer within an area of
land whereon a brownfield site is located and whereon remediation of the site
has been completed.� The bill also defines �project costs� to include all
reasonable costs associated with the construction of a redevelopment project
that is a residential redevelopment project.

���� A developer would be allowed
to apply for tax credits for both remediation costs of a brownfield site and
the subsequent construction of a residential redevelopment project.� However,
under the bill, the developer would be required to submit separate applications
for each project.

���� To qualify for the tax
credits, the developer of a residential redevelopment project would be required
to demonstrate that the redevelopment project: �(1) is located on a remediated
brownfield site that is within two miles of a public rail or light rail stop or
within one mile of a public bus stop; and (2) is primarily for multifamily
housing, of which at least 25 percent of the housing units are three-bedroom
units, at least 50 percent of the housing units are two-bedroom units, and at
least 20 percent of the units are reserved� for affordable housing.� Prior to
approval by the EDA, the developer would also be required to obtain and submit
to the authority a letter evidencing support for the redevelopment project from
the governing body of the municipality in which the residential development
project is located.� Additionally, the residential redevelopment project is
required to comply with certain prevailing wage requirements associated with
the construction and building services work at the project, as well as any
additional requirements that the authority may impose upon applicants who are
developers of proposed residential redevelopment projects.

���� Under the bill, the EDA would
review applications on a rolling basis until all tax credits authorized under
the program are awarded.� During review, the EDA is permitted to consider
additional factors that may include, but not be limited to:� the economic
feasibility of the residential development project; the benefit of the
redevelopment project to the community in which the project is located; the
degree to which the redevelopment project enhances and promotes economic
development and reduces environmental or public health stressors in an
overburdened community, and attendant department regulations, and, if the
developer has a board of directors, the extent to which that board of directors
is diverse and representative of the community in which the redevelopment
project is located.� Following this review process, the EDA is permitted to
submit any applications to the board for final approval.

���� Following approval of an
application by the board, a developer would enter into a redevelopment
agreement with the EDA.� Among other requirements, the redevelopment agreement
would specify the amount of the tax credit to be awarded to the developer, the date
on which the developer shall complete the construction of the project, and the
projected project costs.� The redevelopment agreement would also require the
developer to submit progress reports to the authority and to the department
every six months.

���� This bill also increases the
total value of tax credits authorized for the program from $100 million to $250
million.� Of this total, the bill provides that up to $150 million in tax
credits may be awarded to developers of residential redevelopment projects
under the �program.