Makes FY 2024 supplemental appropriation of $30 million to DCA for Neighborhood Revitalization Tax Credit program.
This bill adds $30 million in supplemental funding from the General Fund to New Jersey's Department of Community Affairs (DCA) for the Neighborhood Revitalization Tax Credit program. It directly supports nonprofit organizations that develop and implement revitalization projects in low- and moderate-income neighborhoods, which are approved by the DCA. The funding bypasses an existing $15 million annual cap on tax credits, allowing more businesses to fund these projects through tax credits while expanding support for community improvements. This is a concrete policy change increasing available resources for neighborhood revitalization efforts in designated areas.
Bill status
in committee
1 of 4 stages cleared
Introduction
May 2024
Committee Review
Floor Vote
Governor
Introduced May 20, 2024
Last action May 20, 2024
Floor votes
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Full legislative history
Actions timeline
Total actions
1
Key actions
0
Committee
0
May 20, 2024
Introduced
Introduced in the Assembly, Referred to Assembly Community Development and Women's Affairs Committee
lower
2 primary · 0 co-sponsors
Sponsors
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