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On January 7, Governor Murphy signed into law the Brownfields Redevelopment Incentive Program Act (the Brownfields Act) as part of the broader New Jersey Economic Recovery Act of 2020 (the Recovery Act) (A4/S3925). The Recovery Act, effective immediately, appropriates over $55 million in spending and allows over $14 billion in potential tax credits aimed at various sectors and community projects.
The Brownfields Act authorizes $50 million in annual tax credits over six years to eligible developers of underused, contaminated commercial properties, known as “brownfields.” The tax credits are meant to compensate developers for the costs of cleaning up brownfields before development.
UpdatedThu, Dec 24, 2020 at 10:13 am ET
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(Jose F. Moreno, Staff Photographer / The Philadelphia Inquirer)
NEW JERSEY As businesses continue to struggle and many find it hard to make ends meet, Gov. Phil Murphy is set to sign a massive, $14 billion corporate tax-break bill into law that s supposed to give New Jersey a big boost amid the COVID-19 crisis.
The more than 100-page New Jersey Economic Recovery Act of 2020 introduced last Wednesday received criticism for its limited public testimony. But Murphy defended the proposal in Monday s coronavirus news conference, saying the bill would update economic-development incentive programs that expired more than a year ago.
Press Releases
Pintor Marin, Coughlin on Comprehensive Economic Recovery Plan and Tax Incentive Reform Legislation, Measure Clears Legislature, Goes to Governor December 21, 2020, 2:34 pm | in
Pintor Marin, Coughlin on Comprehensive Economic Recovery Plan and Tax Incentive Reform Legislation, Measure Clears Legislature, Goes to Governor
Bill Receives Strong Bipartisan Support in Assembly & Senate
(Trenton) – Supporting small businesses, driving sustainable economic growth, and the long-overdue reform of our tax incentives system the legislation sponsored by Assembly Budget Chair Eliana Pintor Marin and Assembly Speaker Craig Coughlin to put New Jersey on a path to economic recovery post-COVID-19 and into the future cleared the full Legislature on Monday.
Press Releases
Over 100 New Jersey Leaders Come Out in Support of Economic Recovery and Tax Incentives Reform Legislation December 21, 2020, 11:56 am | in
Over 100 New Jersey Leaders Come Out in Support of Economic Recovery and Tax Incentives Reform Legislation
12/20/2020
TRENTON – Over 100 leaders in government, the private sector, and labor from across the state expressed their support for the New Jersey Economic Recovery Act of 2020, which will be voted on in the Legislature on Monday:
GOVERNOR MURPHY AND LEGISLATORS
“We are proud to announce that we have reached an agreement on a comprehensive economic recovery package that will support small businesses, drive sustainable economic growth, and reform our tax incentives system. This plan will specifically target historically underserved communities that have also been disproportionately impacted by COVID-19 with tailored programs to combat food deserts, spur brownfields redevelopment, and suppor
Press Releases
Pintor Marin, Coughlin on Comprehensive Economic Recovery Plan and Tax Incentive Reform Legislation, Measure Clears Legislative Panels December 18, 2020, 5:54 pm | in
Pintor Marin, Coughlin on Comprehensive Economic Recovery Plan and Tax Incentive Reform Legislation, Measure Clears Legislative Panels
(Trenton) – Supporting small businesses, driving sustainable economic growth, and the long-overdue reform of our tax incentives system the legislation sponsored by Assembly Budget Chair Eliana Pintor Marin and Assembly Speaker Craig Coughlin to put New Jersey on a path to economic recovery post-COVID-19 and into the future was approved by the Assembly and Senate Appropriations panel on Friday.
“We worked to develop a comprehensive piece of legislation that will put New Jersey on a path to economic recovery post-COVID-19 and beyond,” said