Governor Phil Murphy has signed A-4619/S-3479 which amends the Historic Property Reinvestment Act and the Brownfields Redevelopment Incentive Program Act, boosting support for historic preservation and brownfield redevelopment into solar energy facilities.
P.L. 2024, c. 61 expands incentives through the NJEDA’s Brownfields Redevelopment Program, allowing solar projects on former landfill sites to receive tax credits covering up to 100% of remediation and capping costs, with a cap of $8 to $12 million, depending on the project location. In addition, remediation of redevelopment projects located in a qualified incentive tract or government restricted municipality is increased to 80% of the remediation costs or $12 million, whichever is less. All other redevelopment projects can receive credits of up to 60% of the actual remediation costs or $8 million, whichever is less
The new law increases tax credit awarded under the Historic Property Reinvestment Act. Rehabilitation projects in incentive tracts or restricted municipalities can receive credits up to 60% of the rehabilitation costs or $12 million, whichever is less. In addition, EDA will have the discretion to make up to 50% of tax credits available for facade rehabilitations projects annually.
Contact: Andrew LaFevre, Legislative Analyst, alafevre@njlm.org, 609-695-3481, x116.