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

Summary

An Assembly Commerce, Economic Development and Agriculture Committee statement to Assembly, No. 6298, State of New Jersey, dated January 5, 2026, reporting the bill favorably. The bill would modify the New Jersey Aspire Program, administered by the New Jersey Economic Development Authority, for certain transformative projects. A transformative project located in a government-restricted municipality and in close proximity to a multi-modal transportation hub, an institution of higher education, or a licensed health care facility serving underrepresented populations would be exempt from the net positive benefit test. For applications submitted after enactment, such projects would be deemed to be of special economic importance.

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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
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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