S 3170 New Jersey Senate · 2024-2025 Regular Session

Increases annual limit of total tax credits certified for qualified projects under Neighborhood Revitalization Tax Credit Program.*

This bill adds $30 million in supplemental funding from the General Fund to New Jersey's Neighborhood Revitalization Tax Credit Program, administered by the Department of Community Affairs (DCA). It directly affects community nonprofit organizations that develop revitalization plans for low- and moderate-income neighborhoods, as these groups qualify for tax credits when investing in local improvements. The funding increases the annual limit for tax credits available under the program, which was previously capped at $15 million per year by permanent law. This additional $30 million brings the total available funding for the program to $45 million annually, supporting more projects in targeted communities. The bill does not change the tax credit structure itself but expands the available funding to meet demand.

Sub-Topics: Community Development

Bill status in committee 1 of 4 stages cleared

Introduction

May 2024

Committee Review

Floor Vote

Governor

Introduced May 9, 2024 Last action Dec 5, 2024

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What changed between versions

Introduced Version → Senate Committee Substitute SCU 12/5/24 SCS · 4 edits

MODERATE

The bill was fundamentally restructured from a one-time $30 million supplemental appropriation to the Department of Community Affairs into a permanent amendment of P.L.2001, c.415 that raises the annual cap on Neighborhood Revitalization Tax Credits from $15 million to $65 million. It also adds a carryover provision so unused credits roll forward and increase the following year's cap. This shifts the program from relying on periodic legislative appropriations to having a higher permanent funding ceiling.

FISCAL

The annual limit of total tax credits certified for qualified projects under the Neighborhood Revitalization Tax Credit Program was increased from $15,000,000 to $65,000,000 per fiscal year.

A carryover provision was added: if tax credits certified in a fiscal year are less than the annual cap, the remaining amount is certified and added to the following fiscal year's cap (i.e., $65 million plus any unused prior-year amount).

SCOPE

The bill changed from a one-time supplemental appropriation of $30 million to DCA into a permanent amendment to P.L.2001, c.415 (C.52:27D-492), Section 3, establishing the new credit limit as part of the underlying statute.

REQUIREMENT

Detailed eligibility and credit application provisions were added, including: credits up to 100 percent of approved assistance to nonprofits; per-taxpayer annual cap of $1,000,000 or total tax payable (whichever is less); prohibition on double-dipping with other tax credits; and a requirement that credits be awarded only for assistance provided in the same year the certificate was issued (waivable for good cause).

Floor votes

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No floor votes recorded yet.

Full legislative history

Actions timeline

Total actions

Key actions

Committee

Dec 5, 2024

Committee

Referred to Senate Budget and Appropriations Committee

upper

May 9, 2024

Introduced

Introduced in the Senate, Referred to Senate Community and Urban Affairs Committee

upper

2 primary · 2 co-sponsors