I am no lawyer but can someone explain what this is saying about this tax credit
Page 29 of Bill 2880
Title in error should be $250 million
32
b. (1) Up to an average of 75 percent of the projected annual 33 incremental revenues or 85 percent of the projected annual 34 incremental revenues in a Garden State Growth Zone may be 35 pledged towards the State portion of an incentive grant. 36
(2) In the case of a qualified residential project or a project 37 involving university infrastructure, if the authority determines that 38 the estimated amount of incremental revenues pledged towards the 39 State portion of an incentive grant is inadequate to fully fund the 40 amount of the State portion of the incentive grant, then in lieu of an 41 incentive grant based on [such] the incremental [revenue] 42 revenues, the developer shall be awarded tax credits equal to the 43 full amount of the incentive grant. 44
(3) In the case of a mixed use parking project, if the authority 45 determines that the estimated amount of [the] incremental revenues 46 pledged towards the State portion of an incentive grant is 47 inadequate to fully fund the amount of the State portion of the 48 S2880 [2R] incentive grant, then, in lieu of an incentive grant based on [such] 1 the incremental [revenue] revenues, [a] the municipal redeveloper 2 shall be awarded tax credits equal to the full amount of the 3 incentive grant. 4
The value of all credits approved by the authority pursuant to 5 [paragraph] paragraphs (2) [or] and (3) of this [paragraph] 6 subsection shall not exceed [$600,000,000] $625,000,000, of 7 which: 8
(a) $250,000,000 shall be restricted to qualified residential 9 projects within Atlantic, Burlington, Camden, Cape May, 10 Cumberland, Gloucester, Ocean, and Salem counties, of which 11 $175,000,000 of the credits shall be restricted to the following 12 categories of projects: (i) qualified residential projects located in a 13 Garden State Growth Zone located within the aforementioned 14 counties [,]; (ii) mixed use parking projects located in a Garden 15 State Growth Zone or urban transit hub located within the 16 aforementioned counties [,]; and (iii) $75,000,000 of the credits 17 shall be restricted to qualified residential projects in municipalities 18 with a 2007 Municipal Revitalization Index of 400 or higher as of 19 the date of enactment of the "New Jersey Economic Opportunity 20 Act of 2013," P.L.2013, c.161 (C.52:27D-489p et al.) and located 21 within the aforementioned counties; 22
Page 29 of Bill 2880
Title in error should be $250 million
32
b. (1) Up to an average of 75 percent of the projected annual 33 incremental revenues or 85 percent of the projected annual 34 incremental revenues in a Garden State Growth Zone may be 35 pledged towards the State portion of an incentive grant. 36
(2) In the case of a qualified residential project or a project 37 involving university infrastructure, if the authority determines that 38 the estimated amount of incremental revenues pledged towards the 39 State portion of an incentive grant is inadequate to fully fund the 40 amount of the State portion of the incentive grant, then in lieu of an 41 incentive grant based on [such] the incremental [revenue] 42 revenues, the developer shall be awarded tax credits equal to the 43 full amount of the incentive grant. 44
(3) In the case of a mixed use parking project, if the authority 45 determines that the estimated amount of [the] incremental revenues 46 pledged towards the State portion of an incentive grant is 47 inadequate to fully fund the amount of the State portion of the 48 S2880 [2R] incentive grant, then, in lieu of an incentive grant based on [such] 1 the incremental [revenue] revenues, [a] the municipal redeveloper 2 shall be awarded tax credits equal to the full amount of the 3 incentive grant. 4
The value of all credits approved by the authority pursuant to 5 [paragraph] paragraphs (2) [or] and (3) of this [paragraph] 6 subsection shall not exceed [$600,000,000] $625,000,000, of 7 which: 8
(a) $250,000,000 shall be restricted to qualified residential 9 projects within Atlantic, Burlington, Camden, Cape May, 10 Cumberland, Gloucester, Ocean, and Salem counties, of which 11 $175,000,000 of the credits shall be restricted to the following 12 categories of projects: (i) qualified residential projects located in a 13 Garden State Growth Zone located within the aforementioned 14 counties [,]; (ii) mixed use parking projects located in a Garden 15 State Growth Zone or urban transit hub located within the 16 aforementioned counties [,]; and (iii) $75,000,000 of the credits 17 shall be restricted to qualified residential projects in municipalities 18 with a 2007 Municipal Revitalization Index of 400 or higher as of 19 the date of enactment of the "New Jersey Economic Opportunity 20 Act of 2013," P.L.2013, c.161 (C.52:27D-489p et al.) and located 21 within the aforementioned counties; 22
