NJ Legislature Concurs with Conditional Veto of Economic Opportunity Act 2014
Last June, the New Jersey 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. On September 11th, Governor Christie issued a Conditional Veto (CV) and sent the bill back to the Legislature for consideration.
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. As was expected, the CV did not disturb the July 2018 date, which was very welcome news.
On October 14th, the Senate voted to concur with the CV; the Assembly had already concurred. The amended bill will now be presented to the Governor, who has 10 days to consider the amended bill. If the Governor signs the bill, as we anticipate, it will pave the way for 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 veto power to revise EOA 2014 to make available to Atlantic City a higher level of tax incentives. He did this by proposing to amend 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.
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