The “Brownfields Redevelopment Incentive Program Act" provides tax credits to compensate developers of redevelopment projects located on brownfield sites for remediation costs.
Some pertinent terms defined in the bill include:
“Brownfield site” Any former or current commercial or industrial site that is currently vacant or underutilized, and where there is or was suspected to have been a discharge of a contaminant or where there is contaminated building material.
“Contaminated building material” Components of a structure where abatement or removal of asbestos or remediation of materials containing hazardous substance defined by N.J.S.A. 58:10-23.11b, is required by applicable federal, state, or local rules.
“Project financing gap” Part of the total remediation cost, including reasonable and appropriate return on investment, that remains to be financed after all other sources of capital have been accounted for, including, but not limited to: