Signed by Governor Jon Corzine

Vote Smart's Synopsis:

Vote to pass a bill that establishes state and local Economic Redevelopment and Growth Grant programs, authorizes certain local tax increases, and appropriates state funds to the New Jersey Affordable Housing Trust Fund.

Highlights:

-Allows the governing body of a municipality to adopt an ordinance establishing a local Economic Redevelopment and Growth Grant program that encourages redevelopment projects in the area (Sec. 4). -Requires that applications for grants be approved by the Local Finance Board and states that approval should be based on the economic feasibility of the project, the extent of economic distress in the area, the likelihood of the project's ability to generate new tax revenue, the project's need for the grant, and the degree to which the project enhances job creation in the area (Sec. 4). -Requires the New Jersey Economic Development Authority to create a state-level Economic Redevelopment and Growth Grant program to encourage redevelopment projects in areas that do not qualify for grants at the local level (Sec. 5). -Mandates that, if a grant is approved, both state and local funding shall be derived from the revenues received from taxes on businesses operating in the redevelopment project area (Secs. 6, 7). -Prohibits the state from contributing more than 20 percent of the total cost of an approved project through incentive grants, unless the project relates to publicly-owned infrastructure (Sec. 9). -Allows the New Jersey Economic Development Authority to provide credit assistance to a developer in order to secure private financing for the proposed project (Sec. 10). -Authorizes municipalities with over 100,000 residents and a commercial airport to impose a tax of up to five percent on vehicle rental fees, and authorizes second-class cities with a major place of amusement to impose a surcharge of up to $2 on each admission ticket and $2 on parking (Secs. 20, 28). -Increases the transferability and amount of the research and development tax credits paid by new or expanding technology and biotechnology companies in order to raise private financial assistance for those companies (Secs. 29-30). -Provides for certain exemptions from the Statewide Non-Residential Fee Act for projects that received approval before July 10, 2010, and requires non-residential development fees to be returned to a developer whose project meets the new exemption requirements (Secs. 36-41). -Appropriates $15 million in state funds to the New Jersey Affordable Housing Trust Fund (Sec. 41). -Allows state and county colleges to enter into contracts with private firms that give the contractors full financial and administrative responsibility for on-campus construction projects (Sec. 43). -Provides sales and use tax exemptions on the energy and utility services purchased by certain large, energy-efficient manufacturing facilities (Secs. 50-51).

Full Bill Text

Vote Smart's Synopsis:

Vote to pass a bill that establishes state and local Economic Redevelopment and Growth Grant programs, authorizes certain local tax increases, and appropriates state funds to the New Jersey Affordable Housing Trust Fund.

Highlights:

-Allows the governing body of a municipality to adopt an ordinance establishing a local Economic Redevelopment and Growth Grant program that encourages redevelopment projects in the area (Sec. 4). -Requires that applications for grants be approved by the Local Finance Board and states that approval should be based on the economic feasibility of the project, the extent of economic distress in the area, the likelihood of the project's ability to generate new tax revenue, the project's need for the grant, and the degree to which the project enhances job creation in the area (Sec. 4). -Requires the New Jersey Economic Development Authority to create a state-level Economic Redevelopment and Growth Grant program to encourage redevelopment projects in areas that do not qualify for grants at the local level (Sec. 5). -Mandates that, if a grant is approved, both state and local funding shall be derived from the revenues received from taxes on businesses operating in the redevelopment project area (Secs. 6, 7). -Prohibits the state from contributing more than 20 percent of the total cost of an approved project through incentive grants, unless the project relates to publicly-owned infrastructure (Sec. 9). -Allows the New Jersey Economic Development Authority to provide credit assistance to a developer in order to secure private financing for the proposed project (Sec. 10). -Authorizes municipalities with over 100,000 residents and a commercial airport to impose a tax of up to five percent on vehicle rental fees, and authorizes second-class cities with a major place of amusement to impose a surcharge of up to $2 on each admission ticket and $2 on parking (Secs. 20, 28). -Increases the transferability and amount of the research and development tax credits paid by new or expanding technology and biotechnology companies in order to raise private financial assistance for those companies (Secs. 29-30). -Provides for certain exemptions from the Statewide Non-Residential Fee Act for projects that received approval before July 10, 2010, and requires non-residential development fees to be returned to a developer whose project meets the new exemption requirements (Secs. 36-41). -Appropriates $15 million in state funds to the New Jersey Affordable Housing Trust Fund (Sec. 41). -Allows state and county colleges to enter into contracts with private firms that give the contractors full financial and administrative responsibility for on-campus construction projects (Sec. 43). -Provides sales and use tax exemptions on the energy and utility services purchased by certain large, energy-efficient manufacturing facilities (Secs. 50-51).

Full Bill Text