Date: February 7, 2025Attorney: Martin D. Hauptman
New Jersey has made significant changes to the Aspire Program under L. 2025, S1323 (c.2), effective January 23, 2024. These updates impact developers utilizing tax credits for mixed-use and commercial redevelopment projects.
What’s Changing?
- Shorter Eligibility Period – The maximum time for developers to use tax credits is reduced from 15 years to 10 years after approval by the New Jersey Economic Development Authority (NJEDA).
- Expanded Eligibility Areas – The Trenton-Mercer Airport and a one-mile radius around its terminal are now eligible for tax credits, along with additional qualifying areas.
- Increased Tax Credit Value – Developers selling unused tax credits to the Department of the Treasury will now receive at least 85% of the credit’s face value, up from 75%.
These updates aim to accelerate redevelopment, enhance investment incentives, and expand opportunities in key areas.
Understanding these changes is essential for developers looking to maximize their tax credit benefits and navigate the evolving landscape of commercial redevelopment in New Jersey.
For more information, please contact Martin D. Hauptman at (973) 243-7912 or via email at mhauptman@mblawfirm.com.