(TRENTON) – To accommodate infrastructure projects approved by the Economic Development Authority (EDA) that have experienced delays due to the coronavirus pandemic, a measure to extend certain deadlines for developers to submit documents to the EDA received final legislative approval on Thursday, passing the full Assembly 71-1 and Senate 35-0.
The bill (A-4875) would extend certain document submission deadlines under the Economic Redevelopment and Growth Grant Program (ERG) and the Urban Transit Hub Tax Credit Program (UTH) for two years. ERG provides tax credits to support residential, commercial and mixed use parking projects, while UTH offers tax credits to developers, owners and tenants making qualified capital investments within a designated transit hub in urban municipalities.
The deadline to submit the required documentation for approval of tax documents for certain residential and commercial UTH projects would be extended from April 26, 2021, to December 31, 2023. The bill would also extend the date when approved UTH projects begin forfeiting annual tax credit awards if the project has not been certified as having met its investment capital and employment qualifications from July 28, 2021, to December 31, 2023. The deadline to submit temporary certificates of occupancy for developers of certain qualified residential and mixed use parking ERG projects would also be extended to December 31, 2023.
Both programs are not accepting new applicants. This legislation would only apply to projects still receiving the tax benefit or those in the development that are not yet completed.
The measure now goes to the Governor’s desk. Assembly sponsors Eliana Pintor Marin (D-Essex), Benjie Wimberly (D-Bergen, Passaic) and Shavonda Sumter (D-Bergen, Passaic) released the following joint statement:
“Since COVID-19 began to impact New Jersey this spring, numerous infrastructure projects have been put on hold in the interest of public health and safety. The EDA was able to anticipate resultant delays in reporting and acted swiftly to extend certain deadlines, giving developers more time to turn in necessary certifications so they would not lose their tax credits. Evidence of a second wave highlights the need to continue easing requirements so that these projects move forward in the future. This bill takes that next step. We look forward to working with all parties to protect and grow our state’s critical infrastructure through this pandemic and beyond.”