McKEON / JASEY / EVANS NEIGHBORHOOD REVITALIZATION BILL SIGNED INTO LAW

McKEON / JASEY / EVANS NEIGHBORHOOD REVITALIZATION BILL SIGNED INTO LAW

Law Signed by Gov. Corzine Promotes Redevelopment, Economic Activity

(TRENTON) – Legislation sponsored by Assemblyman John F. McKeon and Assemblywomen Mila M. Jasey and Elease Evans to improve neighborhood revitalization, create jobs and provide tax breaks to more businesses has been signed into law by Gov. Jon S. Corzine.

The new law (A-2623) extends the Neighborhood Revitalization State Tax Credit program to areas adjacent to those approved for a preservation and revitalization plan, provided it doesn’t increase the eligible area by more than 25 percent.

“It doesn’t make much sense to limit the revitalization of New Jersey’s distressed cities just because one area of a struggling neighborhood does not fit within the lines on a map,” said McKeon (D-Essex). “This change decreases disparities between neighborhoods and extends tax breaks to even more businesses, promoting redevelopment and economic activity in these tough financial times.”

“Neighborhoods that share similar socioeconomics characteristics and redevelopment goals shouldn’t be restricted in their efforts,” said Jasey (D-Essex). “Quite simply, we’re promoting revitalization that improves lives and neighborhoods and creates jobs and economic development.”

“This already-valuable program has been made even better,” said Evans (D-Passaic). “Making it easier for neighborhoods to create comprehensive redevelopment plans to attract jobs and promote business activity is a smart approach.”

The program offers businesses that invest in the revitalization of low- and moderate-income neighborhoods in eligible cities a 100 percent tax credit against various state taxes.

Under the program, 60 percent of the tax credit funds must be used for the development of housing and increased economic activity. The remaining balance must be used to assist small businesses and foster the integration of mixed-income neighborhoods.

The bill – backed by housing advocates and business groups alike – is among numerous Democratic-backed economic stimulus legislation passed in since last fall. It was approved by the Assembly 68-10 in November and the Senate 26-12 in June.

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