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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.