Reduces tax credits available for Next New Jersey Program from $500 million to $250 million.

This bill reduces the total amount of tax credits available under the Next New Jersey Program from $500 million to $250 million. It directly affects businesses and organizations in New Jersey that apply for financial incentives to support projects in areas such as historic preservation, brownfield redevelopment, innovation, food access, and cultural arts. The legislation establishes specific annual and overall spending limits for each of these sub-programs, ensuring that the total funding allocated over a nine-year period does not exceed the new cap. Additionally, the bill directs a portion of the tax credits for brownfield redevelopment to be sold through competitive auctions, with the proceeds designated for housing and mortgage initiatives.