Permits political subdivisions to require grantees of certain economic development subsidies to enter into community benefits agreements.

This bill allows New Jersey towns and counties to require businesses receiving economic development funding over $50,000 to sign community benefits agreements. These legally binding contracts would obligate developers to provide specific community advantages, such as hiring local workers, paying fair wages, and purchasing goods from local businesses. The law defines economic development subsidies to include grants, loans, tax credits, and other financial incentives but excludes standard government purchasing contracts. By amending state statutes, the legislation gives local governments the authority to attach these conditions to financial aid intended to stimulate regional growth.