Source: Press Release From Senate Democratic Majority Office
Legislation (S2333) that will require the New Jersey Transit Corporation (NJ Transit) to establish an office of real estate economic development and transit-oriented development was signed into law today by Governor Phil Murphy.
The newly created office will assess and develop recommendations for economic development and transit-oriented
In an exclusive audio interview, Newark real estate attorney Ted Zangari says investors need to start identifying appreciated assets quickly so that they can engage in Opportunity Zone transactions before the end of 2019 to gain the maximum tax advantages.
As seen on: GlobeSt.com
By: Steve Lubetkin
With Developers waiting to learn about tax treatment
Last week Governor Murphy approved legislation, Assembly bill 4495, which contained a number of technical tax changes, including the restoration of the exemption from Gross Income Tax (“GIT”) for the sale of Grow New Jersey tax credits by pass-through entities.
Since, pass-through businesses do not pay corporation business tax, these businesses must sell their Grow
Last week Governor Murphy approved legislation, Assembly bill 4495, which contained a number of technical tax changes, including the restoration of the exemption from Gross Income Tax (“GIT”) for the sale of Grow New Jersey tax credits by pass-through entities.
Since, pass-through businesses do not pay corporation business tax, these businesses must sell their Grow
A newly formed advocacy group, BYOB New Jersey,represents a group of small business owners across the Garden State who have organized to fix the broken liquor license law in New Jersey. Local small restaurants are magnets for economic development, and BYOB New Jersey is fighting to allow neighborhood restaurants the opportunity to have local
As seen on: RE-NJ.com
With the Grow New Jersey program set to expire in less than a year, the prospect of losing the incentive is already weighing heavily on the state’s commercial real estate market.
The tax credit program has been vital to everything from attracting manufacturing firms to ambitious redevelopment projects at large vacant
Bill Allows Issuance of Additional Alcoholic Beverage Licenses within Boundaries of Formally Owned or Operated Military Installations
Source: News From The Assembly Democrats
Legislation sponsored by Assembly Democrats Eric Houghtaling, Joann Downey and Joseph Egan to issue additional alcoholic beverage licenses to a project area in three municipalities and at which a federally owned or operated military installation is closed and transferred to a government entity for the purpose of conversion, redevelopment, or revitalization advanced Monday in the Assembly.
Under the current law, a municipality may issue one plenary retail consumption license, for bars and restaurants, for each 3,000 of its population. This bill provides that an increase in population resulting from residential development in a formerly federally owned or operated military installation would not be included in the calculation issued to new licenses.Continue Reading Bill Expanding Issuance of Alcoholic Beverage Licenses Advances
As seen on: ROI-NJ.com
Gov. Phil Murphy’s decision to reactivate Urban Enterprise Zones for five years in five communities across the state was met with applause from municipal and association leaders.
Murphy signed legislation Wednesday to reinstate UEZs in Bridgeton, Camden, Newark, Plainfield and Trenton until Dec. 31, 2023.
The U.S. Department of Treasury’s Community Development Financial Institutions Fund has just released the list of New Jersey’s approved Opportunity Zones. The Opportunity Zones are identified by specific census tracts provided below.
The federal Opportunity Zone program is a new tax incentive designed to direct investor capital into various low-income and distressed areas around the country. On March 21, Governor Murphy submitted New Jersey’s list of eligible census tracts seeking Opportunity Zone designation.Continue Reading New Jersey “Opportunity Zones” Just Revealed
New Opportunities for Urban and Distressed Areas
By: Ted Zangari, Esq. and Jaime Reichardt, Esq.
The newly enacted federal Opportunity Zone program could be a game changer for economic development and tax incentive policy here in New Jersey and across the country. The program provides a new avenue for directing investment into certain urban and distressed areas with significant tax benefits.
The Opportunity Zone program was enacted as part of the recently signed Tax Cuts and Jobs Act and provides an opportunity to defer current capital gains and reduce future gains for investing in certain funds organized to direct capital into businesses and property based in the specified zones. The designated zones are selected by the Governor of each state from certain eligible low-income community census tracts, or those eligible for New Market Tax Credit projects.Continue Reading Gov. Murphy Announces “Opportunity Zones” Recommended to Federal Government