SENATE COMMUNITY AND URBAN AFFAIRS COMMITTEE

STATEMENT TO

SENATE COMMITTEE SUBSTITUTE FOR

SENATE, No. 3170

STATE OF NEW JERSEY

DATED:  DECEMBER 5, 2024

      The Senate Community and Urban Affairs Committee reports favorably a Senate Committee Substitute for Senate Bill No. 3170.

      As substituted, this bill increases the limit of the total tax credits allowed to be certified for qualified projects proposed in a fiscal year under the Neighborhood Revitalization Tax Credit Program, established pursuant to the "Neighborhood Revitalization State Tax Credit Act," P.L.2001, c.415 (C.52:27D-490 et seq.), from $15 million to $65 million.  The bill provides that, for any fiscal year in which the amount of tax credits certified for all qualified projects proposed in a fiscal year is less than the cumulative total amount of tax credits permitted to be approved in that fiscal year, the Commissioner of Community Affairs is to certify the amount of the remaining tax credits available for that fiscal year, and in the subsequent fiscal year the cumulative total amount of tax credits permitted to be approved for all qualified projects proposed is to equal the sum of $65 million and the certified amount remaining from the prior fiscal year.