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Assembly Commerce, Economic Development and Agriculture Committee Statement to Assembly, No. 6298 (January 5, 2026)

Summary

A committee statement to the New Jersey Assembly, No. 6298, from the Assembly Commerce, Economic Development and Agriculture Committee, dated January 5, 2026, reporting Assembly Bill No. 6298 favorably. The bill would modify provisions of the New Jersey Aspire Program, which the New Jersey Economic Development Authority administers. It would exempt a transformative project located in a government-restricted municipality, and close to a multi-modal transportation hub, a public or private institution of higher education, or a certain health care facility, from the requirement to demonstrate a net positive benefit test to the State. For applications submitted after enactment, a project meeting these conditions would be deemed of special economic importance.

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Cite this document

“Assembly Commerce, Economic Development and Agriculture Committee Statement to Assembly, No. 6298 (January 5, 2026).” Archived at Pandemic Darlings, https://pandemicdarlings.com/source-documents/2026-01-05-ace-a6298-s1-e4890b48e6/, SHA-256 068ec556e30c47fa0997351b7560f4d124b94d0f092e119fd21299eeeb604beb.

Full text

ASSEMBLY COMMERCE, ECONOMIC DEVELOPMENT AND
           AGRICULTURE COMMITTEE

                          STATEMENT TO

                     ASSEMBLY, No. 6298

       STATE OF NEW JERSEY
                          DATED: JANUARY 5, 2026

          The Assembly Commerce, Economic Development and
      Agriculture Committee reports favorably Assembly Bill No. 6298.
          This bill would modify certain provisions of the New Jersey
      Aspire Program (program), which is administered by the New
      Jersey Economic Development Authority (authority). Specifically,
      this bill would exempt certain transformative projects that are
      located within government-restricted municipalities and within
      proximity to certain facilities from certain requirements of the
      program.
         Under current law, additional tax credits are available under the
      program for certain redevelopment projects that qualify as
      transformative projects. In order to qualify as a transformative
      project, a redevelopment project would need to meet certain criteria,
      including that the project is deemed to be of special economic
      importance. State regulations prescribe the conditions that must be
      met for a project to qualify as being of special economic
      importance, which conditions may include, but not be limited to, the
      creation of a minimum number of new full-time jobs for certain
      commercial projects, the substantial renovation of a vacant
      commercial building, or if the project is a transformative
      environmental remediation project.
         Additionally, current law generally requires all redevelopment
      projects, including transformative projects, to undergo a fiscal
      impact analysis by the authority to ensure the overall assistance
      provided to the project would result in a net positive benefit to the
      State.     However, some projects, including those that are
      predominately residential or that qualify as a special mission non-
      profit project, are currently excluded from the calculation of the net
      benefit test during application review.
         Under the bill, any transformative project that is: (1) located in a
      government-restricted municipality; and (2) located in close
      proximity, as determined by the authority, to a multi-modal
      transportation hub, a public or private institution of higher
      education, or a health care facility licensed pursuant to P.L.1971,
      c.136 (C.26:2H-1 et seq.) that serves underrepresented populations,
      would be exempt from the requirement to demonstrate a net positive
                                  2

benefit test to the State. Additionally, for any application submitted
after the enactment of the bill, any transformative project meeting
these conditions would be deemed to be of special economic
importance.

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