As seen on: BINJE.com
By: Tom Bergeron

When it comes to public education, public safety and economic development, New Jersey’s cherished tradition of home rule always has led the way.

Is it time for that to change?

The recently introduced LAND Plan, in which NJ Transit aims to develop (or redevelop) around train stations in an effort to raise necessary funds for public transportation as well as spurring economic development in towns across the state, may put that to the test.

So said Ted Zangari, the longtime chair of the Real Estate Group at Sills Cummis & Gross in Newark.

Continue Reading Redevelopment Redo: Is It Time to Reduce Influence of Home Rule?

As seen on: BINJE.com
By: Tom Bergeron

In a concept that could make NJ Transit more of a financial asset than a liability, the agency released an 8-page plan Wednesday that it says provides a roadmap for up to $1.9 billion in potential non-farebox revenue over the next 30 years.

The plan, which aims to unlock value from its 8,000-acre real estate portfolio, could add up to $14 billion in economic impact to New Jersey, up to an additional $1.6 billion in municipal revenues, and create up to 50,000 jobs and up to 20,000 new housing units.

Continue Reading How NJ Transit Feels It Can Generate $1.9 Billion in Non-Fare Revenue in Next 30 Years

Repost of News Flash from New Jersey State League of Municipalities (NJLM.org)

The Division of Local Government Services recently issued Local Finance Notice 2025-12 providing guidance on recently enacted legislation regarding Payment-in-Lieu of Taxes (PILOTs).  P.L. 2025, c.91, was signed by Governor Murphy on July 8 and becomes effective on October 1, 2025. The new legislation amends the Long-Term Tax Exemption Law to strengthen counties’ ability to collect their 5% share of a Long-Term PILOT annual service charge (5% county portion). The new law requires municipal tax collectors or chief financial officer who obtain payments-in-lieu-of-taxes under “Long Term Exemption Law” to transmit county portion directly to the county. The new law only applies to annual service charges received on or after October 1, 2025. 

Continue Reading DLGS Issues Local Finance Notice on Recently Enacted PILOT Law

Gov. Phil Murphy today signed into law a bill establishing the “Next New Jersey” tax credit incentive program for manufacturing businesses creating at least 20 new full-time jobs and making a capital investment of at least $10 million at a New Jersey facility. The award amount to an eligible business will be equal to the lesser of: (1) 0.1 percent of the eligible business’s total capital investment, multiplied by the number of new full-time jobs; (2) 25 percent of the eligible business’s total capital investment; or (3) $150 million, and the New Jersey Economic Development Authority (“EDA”) is authorized to also issue “bonus credit awards.”

Continue Reading Breaking News: Powerful New Tax Credit Incentive for Manufacturers Investing & Creating Jobs in NJ

Late last night Governor Murphy signed legislation into law requiring the State Treasury to buy back developers’ unused tax credits under the NJEDA’s Aspire, Film & Digital Media Tax Credit, and CAFE incentive programs. Under this new law, a tax credit recipient under any of these three programs has the absolute right to redeem unused tax credits to the State Treasury for cash if those credits remain unsold for longer than one year after their date of issuance. Although most developers have been able to sell their tax credits in the private markets (typically above 90 cents on the dollar), this new requirement will provide a much-needed backstop; banks contemplating making a bridge loan or construction loan against tax credit awards issued under any of these programs will now be assured that the tax credits can ultimately be monetized at the State Treasury and that they will be purchased at a certain price (85 cents for Aspire and CAFE tax credits, and at 95 cents for Film & Digital Media tax credits), thereby providing a reliable floor for budgeting purposes.

Continue Reading Breaking News from Trenton: State Incentive Tax Credits Now Have a “Buyer of Last Resort”

The House Ways and Means Committee (the tax-writing committee of the U.S. House of Representatives) is slated to meet over the next few weeks to consider various provisions to include in a tax reconciliation bill.

Continue Reading News Alert: Congress Considering Elimination of State and Local Tax Deduction on CRE across the U.S.

The latest proposed rule as part of DEP’s ongoing Protecting Against Climate Threats (PACT) Resilient Environments and Landscapes (REAL) program is currently expected to be adopted early this summer. The proposed rules are vast in scope and warrant attention by all owners, landlords, property managers, lenders, and insurers of properties near any tidal water body as well as anyone planning to develop, expand, or redevelop those sites.

Continue Reading Just What the Regulated Community Didn’t Need: DEP’s Proposed Coastal PACT/REAL Rule Creates Uncertainty for Existing and Proposed Development

The deadline for municipalities to pass a binding resolution determining their present and prospective fair share obligation under the fourth round of affordable housing was January 31. Linked here is a chart showing both the Department of Community Affairs (“DCA”) and the municipalities’ present and prospective need calculations. The chart also identifies the reduction, if any, in what municipalities believe to be their prospective need obligations. In total, municipalities which adopted binding resolutions have reduced their prospective need obligations by over 13,000 units.

Continue Reading Municipalities Have Determined Their Affordable Housing Present and Prospective Need Obligations; What Are The Numbers, What Do They Mean, and What Comes Next?

Governor Murphy today signed Senate Bill 1323/Assembly Bill 2076, the long-awaited legislation correcting many of the impediments holding-back the use of “NJ Aspire” – a potentially powerful financial incentive that was designed to address project financing gaps through the awarding of transferable, pledgeable state tax credits to eligible proposed redevelopment projects.

Click here to view the summary of Aspire 3.0.

Earlier today, the Superior Court judge hearing a lawsuit on behalf of now 26 municipalities challenging the fourth-round rules of affordable housing obligations issued an Order denying their requests for injunctive relief pending the Court’s final judgment of the litigation. The Order, which followed oral arguments held two weeks ago, states that the municipalities’ challenge to the fourth-round rules can proceed without delaying the fourth round or its deadlines. The Court also scheduled oral arguments on the defendants’ pending motions to dismiss the municipal plaintiffs’ complaint for January 31 at 10:00 am via Zoom, which will be livestreamed.

Continue Reading Breaking News: Court Denies Municipalities’ Request for a Stay of Fourth Round of Affordable Housing