| State: |
NJ |
| Incentive Type: |
Income/Franchise Tax Incentives and Credits |
| Incentive Title: |
Brownfield Credits |
| Description: |
BROWNFIELD REDEVELOPMENT ZONE/SITE REMEDIATION PROGRAM: Program designed to restore former industrial sites to productive use using financial incentives. The program is available to developers in the State of New Jersey in need of financial assistance to clean up and redevelop polluted sites and closed municipal landfills.
The program provides recovery of up to 75% of approved costs associated with the remediation effort. Eight state taxes, including sales, business use and corporate taxes, are eligible to be used to reimburse the developer of remediation costs.
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| Eligibility Requirements: |
Reimbursements are based on tax collections; there is no financial limitation on the total amount to be recovered.
Developers are required to attend a pre-application meeting with members from the EDA, Department of Treasury and the Department of Environmental Protection. Applicants are required to provide a detailed summary of the development project and the ability to generate new sales taxes.
To qualify, a developer must be a no-responsible party agreeing to undertake and complete the environmental clean up of the site to the satisfaction of the New Jersey Department of Environmental Protection. All work on an approved project must be completed under prevailing wage.
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| Geographic Restrictions: |
Statewide |
| Granting Authority: |
NJ Dept. of Environmental Protection |
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