The NJ EDA Brownfield Redevelopment Incentive Program – Is This the Tax Credit Your Project Needs?
At a Glance
The New Jersey Economic Development Authority’s (NJ EDA) application window for its Brownfield Redevelopment Incentive Program will close on Thursday, September 21, 2023. The program is open to for-profit and non-profit developers, as well as government entities.
Is this the tax credit opportunity you’ve needed to move your brownfield redevelopment project forward?
This $50 million program provides a one-time transferrable tax credit to incentivize environmental remediation, abatement, and demolition activities to facilitate redevelopment of brownfields sites for commercial, retail, or mixed-use development or expansion. Your project may even be eligible for costs of prior environmental assessment and investigation up to 24 months prior to this application. Individual projects can receive 50% of actual or projected remediation costs up to $4 million.
The NJ EDA website includes a helpful Eligibility Assessment Tool and many other details. GZA’s Licensed Site Remediation Professionals (LSRPs) can help you determine if your brownfield site is suited for this program – call us!