Assembly Commerce and Economic Development Committee Statement to Assembly, No. 3955, Dated February 12, 2026

Summary

Statement of the Assembly Commerce and Economic Development Committee of the State of New Jersey, dated February 12, 2026, reporting Assembly Bill 3955 favorably with committee amendments. The bill requires the Business Action Center in the Department of State to study the impact of vacant commercial real estate in the State and report to the Governor and the Legislature within one year. The report covers county and local efforts to track vacant properties, municipal use of the Abandoned Properties Rehabilitation Act, existing assistance programs, a survey of how business owners identify vacant properties, and further recommendations. The bill was prefiled for the 2026-2027 session.

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ASSEMBLY COMMERCE AND ECONOMIC DEVELOPMENT COMMITTEE

STATEMENT TO

ASSEMBLY,
No. 3955

with
committee amendments

STATE
OF NEW JERSEY

DATED: FEBRUARY
12, 2026

The Assembly Commerce and Economic Development
Committee reports favorably and with committee amendments Assembly Bill No.
3955.

As amended and reported, this bill requires the
Business Action Center in the Department of State to conduct a study on the
impact of vacant commercial real estate in the State and prepare a report
within one year of the effective date of the bill to be submitted to the
Governor and to the Legislature. The report is required to include, but not be
limited to:

(1) information concerning existing county and local
government efforts to track vacant commercial real estate within their
jurisdictions;

(2) the progress and efforts of municipal governments
in utilizing the "Abandoned Properties Rehabilitation Act;"

(3) an assessment of any existing county and local
government programs that provide financial or technical assistance to address
vacant commercial real estate within their jurisdictions;

(4) a survey of business
owners and prospective business owners concerning the methods by which business
owners and prospective business owners identify vacant properties ; and

(5) any further recommendations that may help guide
business owners and prospective business owners in their search for vacant
commercial real estate.

This bill was prefiled for introduction in the 2026-2027
session pending technical review. As reported, the bill includes the changes
required by technical review, which has been performed.

COMMITTEE AMENDMENTS :

The committee amendments to the bill require that the
report prepared pursuant to the bill include a survey of business owners and
prospective business owners concerning the methods by which they identify
vacant properties, rather than their satisfaction with using private real
estate resources to identify vacant commercial real estate.

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