NJ Governor Signs Economic Opportunity Act 2014
Last June the Legislature passed the EOA 2014 (Part 3) making numerous changes to the 2013 stimulus legislation - EOA 2013 -- which expanded the Grow NJ and Economic Redevelopment and Growth Grant programs. After a Conditional Veto (CV) by the Governor and concurrence by the Legislature with the CV, it was announced today that the Governor signed the legislation into law.
One of the most important amendments made by EOA 2014 is the extension of the deadline by which a developer of a residential project must submit a temporary certificate of occupancy (TCO) -- from July 2015 to July 2018. This will pave the way for many more developers to file Residential ERG applications for tax credits, leading to much needed economic activity in high priority areas.
Given the recent casino closings and loss of jobs, the Governor used his CV to revise EOA 2014 to make available a higher level of tax incentives to eligible projects in Atlantic City. He did this by amending the definition of Garden State Growth Zone to include Atlantic City, and also by including Atlantic City in some of the special provisions that only apply to Camden. The tax credits for Atlantic City will focus on non-gaming projects.
The new law also added a section on funding public infrastructure projects through a new tax credit program for redevelopers that donate substantial public infrastructure to governmental entities.
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