New Jersey Economic Recovery Act of 2020

The State of New Jersey continues its support of revitalizing brownfields with the enactment of the New Jersey Economic Recovery Act of 2020, P.L. 2020, c. 156, which was signed into law by Governor Murphy on January 7, 2021 (the “Act”). The Act includes new programs, including a tax credit program entitled the Brownfields Redevelopment Incentive Program Act . On January 12, 2021, the New Jersey Economic Development Authority (“NJEDA”) Board of Directors approved the implementation of the NJEDA Brownfield Loan Program, which is part of the broader NJEDA Community Revitalization initiative. Both programs will cover many types of remediation costs but will entail a demonstration of a project financing gap, as well as compliance with Prevailing Wage and Affirmative Action requirements. Although the Brownfield Redevelopment Incentive Tax Credit program is still being developed, NJEDA is currently accepting loan applications from January 14 through April 13, 2021.
Continue Reading New Brownfields Redevelopment Incentive Programs in New Jersey

On January 7, 2021, New Jersey Governor Murphy signed the New Jersey Economic Recovery Act of 2020. P.L. 2020 c. 156. Included within the statute is the Brownfields Redevelopment Incentive Program Act. This section of the law creates a tax incentive program for a redeveloper of a brownfield site to obtain a tax credit to close a “project finance gap” and provide needed financing for the remediation and redevelopment of a brownfield site. The program, which is administered by the New Jersey Economic Development Authority (“EDA”), is summarized below.
Continue Reading What Real Estate Developers Need to Know About the 2020 New Jersey Brownfields Tax Credit