Bill Text: NJ S206 | 2010-2011 | Regular Session | Introduced
Bill Title: Expands area for designation of eligible neighborhoods under "Neighborhood Revitalization State Tax Credit Act."
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2010-01-12 - Introduced in the Senate, Referred to Senate Community and Urban Affairs Committee [S206 Detail]
Download: New_Jersey-2010-S206-Introduced.html
STATE OF NEW JERSEY
214th LEGISLATURE
PRE-FILED FOR INTRODUCTION IN THE 2010 SESSION
Sponsored by:
Senator JIM WHELAN
District 2 (Atlantic)
SYNOPSIS
Expands area for designation of eligible neighborhoods under "Neighborhood Revitalization State Tax Credit Act."
CURRENT VERSION OF TEXT
Introduced Pending Technical Review by Legislative Counsel
An Act concerning State tax credits for neighborhood revitalization, amending and supplementing P.L.2001, c.415.
Be It Enacted by the Senate and General Assembly of the State of New Jersey:
1. Section 2 of P.L.2001, c.415 (C.52:27D-491) is amended to read as follows:
2. As used in this act:
"Assistance" means the contribution of moneys to aid in the provision of neighborhood preservation and revitalization services or community services.
"Business entity" means any business firm or individual which is authorized to conduct or operate a trade or business in the State and is subject to taxes on business related income.
"Certificate for neighborhood revitalization State tax credits" means the certificate in the form prescribed by the Treasurer and issued by the commissioner to a business entity that specifies the dollar amount of neighborhood preservation and revitalization State tax credits that business entity may take as an annual credit against certain State taxes pursuant to P.L.2001, c.415 (C.52:27D-490 et seq.).
"Commissioner" means the Commissioner of Community Affairs.
"Department" means the Department of Community Affairs.
"Eligible neighborhood" means a contiguous area located in one or more municipalities that, at the time of the application to the department for approval of a neighborhood preservation and revitalization plan, are either: eligible to receive aid under the "Special Municipal Aid Act," P.L.1987, c.75 (C.52:27D-118.24 et seq.) [or] , coextensive with a school district which qualified prior to the effective date of P.L.2007, c.260 (C.18A:7F-43 et al.) for designation as an "Abbott district" pursuant to the "Comprehensive Educational Improvement and Financing Act of 1996," P.L.1996, c.138 (C.18A:7F-1 et al.), or have been selected by a regional planning entity pursuant to section 2 of P.L. , c (C. ) (pending before the Legislature as this bill).
"Housing and economic development activities" means those activities carried out in furtherance of a neighborhood preservation and revitalization plan in an eligible neighborhood approved pursuant to P.L.2001, c.415 (C.52:27D-490 et seq.), to improve the housing and economic conditions of the neighborhood; and shall include, without limitation, measures to foster the rehabilitation and construction of housing affordable to low and moderate income households within the neighborhood, including planning, design, rehabilitation, construction, and management of low and moderate income housing, home buyer counseling, and related activities needed to effectuate the rehabilitation and construction of housing affordable to low and moderate income households; measures to increase business activity within the neighborhood, including the rehabilitation and construction of commercial facilities and the provision of assistance to small business entities; and measures to increase the income and labor force participation of neighborhood residents, including provision of education, training, child care and transportation assistance to enable low income neighborhood residents to obtain or retain employment.
"Low income household" means a household whose gross household income is less than 50 percent of the median gross household income for the region in which the neighborhood is located for households of similar size as determined by the department.
"Moderate income household" means a household whose gross household income is greater than or equal to 50 percent but less than 80 percent of the median gross household income of the region in which the neighborhood is located for households of similar size as determined by the department.
"Neighborhood preservation and revitalization activities" means housing and economic development activities and other neighborhood preservation and revitalization activities.
"Neighborhood Preservation and Revitalization Plan" means a plan for the preservation or revitalization of an eligible neighborhood.
"Nonprofit organization" means a private nonprofit corporation that has been determined by the Internal Revenue Service of the United States Department of the Treasury to be exempt from income taxation under 26 U.S.C.s.501(c)(3).
"Other Neighborhood Revitalization Activities" means those activities, other than housing and economic development activities, carried out in furtherance of a State-approved neighborhood preservation and revitalization plan in a qualified low and moderate income neighborhood, and may include, without limitation, improvements to infrastructure, street scape, public open space, and transportation systems; provision of social and community services, health care, crime prevention, recreation activities, community and environmental health services; and community outreach and organizing activities.
"Qualified nonprofit organization" means a nonprofit organization that has demonstrated a commitment to the neighborhood for which it is submitting a plan or project, as reflected in its past activities or proposed activities in a preservation and revitalization plan.
"Qualified project" means one or more housing and economic development activities and which may also include one or more other neighborhood revitalization activities to be carried out in accordance with a neighborhood preservation and revitalization plan as approved by the commissioner with funds provided by a business entity eligible to receive a certificate for neighborhood revitalization State tax credits.
"Regional planning entity" means the New Jersey Meadowlands Commission, the Pinelands Commission, the Fort Monmouth Economic Revitalization Planning Authority, or its successor, the Highlands Water Protection and Planning Council, and the Casino Reinvestment Development Authority.
(P.L.2007, c.260, s.81)
2. (New section) Each regional planning entity may select no more than two municipalities, that are not eligible to receive aid under the "Special Municipal Aid Act," P.L.1987, c.75 (C.52:27D-118.24 et seq.) or that are not coextensive with a school district which qualified prior to the effective date of P.L.2007, c.260 (C.18A:7F-43 et al.) for designation as an "Abbott district" pursuant to the "Comprehensive Educational Improvement and Financing Act of 1996," P.L.1996, c.138 (C.18A:7F-1 et al.), within which eligible neighborhoods may be designated by neighborhood preservation and revitalization plans. Each regional planning entity shall consult business entities active within their region and who are potential participants in this program for the purpose of identifying municipalities within which eligible neighborhoods may be designated. Each regional planning entity shall report its selection to the commissioner within three months of the effective date of this act or as soon thereafter as it is able to make its selection.
3. This act shall take effect immediately.
STATEMENT
This bill expands the area within which neighborhoods could be designated under the "Neighborhood Revitalization State Tax Credit Act." Current law limits applicability of the program to municipalities that are coextensive with Abbott school districts or those that are eligible for Special Municipal Aid. The bill designates five regional entities as regional planning entities (the New Jersey Meadowlands Commission, the Pinelands Commission, the Fort Monmouth Economic Revitalization Planning Authority, or its successor, the Highlands Water Protection and Planning Council, and the Casino Reinvestment Development Authority) and empowers each of them to name up to two additional municipalities as areas within which eligible neighborhoods may be designated by neighborhood preservation and revitalization plans. After consulting with businesses they deem to be potential participants in the program, each regional entity would report its selection to the Commissioner of Community Affairs.
