Late last night Governor Murphy signed legislation into law requiring the State Treasury to buy back developers’ unused tax credits under the NJEDA’s Aspire, Film & Digital Media Tax Credit, and CAFE incentive programs. Under this new law, a tax
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News Alert: Congress Considering Elimination of State and Local Tax Deduction on CRE across the U.S.
By Ted Zangari
The House Ways and Means Committee (the tax-writing committee of the U.S. House of Representatives) is slated to meet over the next few weeks to consider various provisions to include in a tax reconciliation bill.…
Just What the Regulated Community Didn’t Need: DEP’s Proposed Coastal PACT/REAL Rule Creates Uncertainty for Existing and Proposed Development
The latest proposed rule as part of DEP’s ongoing Protecting Against Climate Threats (PACT) Resilient Environments and Landscapes (REAL) program is currently expected to be adopted early this summer. The proposed rules are vast in scope and warrant attention by…
Municipalities Have Determined Their Affordable Housing Present and Prospective Need Obligations; What Are The Numbers, What Do They Mean, and What Comes Next?
The deadline for municipalities to pass a binding resolution determining their present and prospective fair share obligation under the fourth round of affordable housing was January 31. Linked here is a chart showing both the Department of Community Affairs (“DCA”)…
Breaking News: Governor Murphy Signs “NJ Aspire 3.0” into Law
Governor Murphy today signed Senate Bill 1323/Assembly Bill 2076, the long-awaited legislation correcting many of the impediments holding-back the use of “NJ Aspire” – a potentially powerful financial incentive that was designed to address project financing gaps through the awarding…
Breaking News: Court Denies Municipalities’ Request for a Stay of Fourth Round of Affordable Housing
Earlier today, the Superior Court judge hearing a lawsuit on behalf of now 26 municipalities challenging the fourth-round rules of affordable housing obligations issued an Order denying their requests for injunctive relief pending the Court’s final judgment of the litigation. The…
Update on NJ Aspire 3.0
In our previous summary of the Aspire legislation approved by both houses of the State Legislature two weeks ago and now awaiting Governor Murphy’s enactment into law (click here to view the summary of Aspire 3.0), we noted…
Breaking News: State Legislature Just Approved NJ Aspire 3.0
Redevelopers have always struggled to make the numbers work on their proposed projects due to the unique added expenses of redevelopment not typically encountered on “greenfield” new construction projects—costs of land assemblage, environmental remediation, and structured parking, to name a…
NJEDA Releases Opt-In Documents for Municipalities to Participate in Garden State C-PACE Program
Just about two months after the New Jersey Economic Development Authority (“NJEDA”) approved the Garden State Commercial Property Assessed Clean Energy program, or “C-PACE”, it has released form documents for municipalities wanting to opt into the Program. The documents include…
Murphy Administration Releases Preliminary Draft of New State Plan (The First Since 2001)
By Ted Zangari
For the first time in nearly a quarter-century, the NJ State Planning Commission is making a concerted effort to update the State Development and Redevelopment Plan. Today, the Commission released a preliminary draft of a new plan and set an…