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Senate Committee Moves Bill to Expand Neighborhood Tax Credits
During a meeting of the Senate Community & Urban Affairs Committee today, the committee voted to move a bill that would expand the neighborhood revitalization tax credit program from a $10 to a $15 million program. On the bill, Housing and Community Development Network of New Jersey Director of Policy and Advocacy Staci Berger issued the following statement:
"Since its inception in 2002, the Neighborhood Revitalization Tax Credit (NRTC) program has become one of the most successful public/private programs furthering community development and neighborhood change in New Jersey. The program aims to 'foster the revitalization of New Jersey's distressed neighborhoods' by offering business entities that invest in the revitalization of eligible low- and moderate-income neighborhoods a 100 percent tax credit against various state taxes. To date, $48 million in NRTC dollars have been invested by twenty-four corporations.
"The Network and New Jersey Community Capital (NJCC) conducted a study this year to assess the impact of the program statewide over its first 10 years. Our study found that the program leveraged $7.3 for every NRTC dollar invested. Also, 30 new businesses were created, and 826 jobs, with over 400 more on the way from pending projects. More than 536,037 square feet of commercial space and close to 1,500 homes have been created , generating nearly $4 million dollars in local property taxes to date, with over a million more expected annually starting this year and in the future.
"Clearly this is a valuable program that partners private corporations and community-based development organizations to implement a distressed community’s plans for its own future. We're glad to see the Senate Community & Urban Affairs Committee also find the value in the program by voting on its expansion and we are optimistic of the bill's passage as it moves to the Budget and Appropriations Committee and eventually to the Senate Floor."