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The Greater Atlantic City Chamber would like to thank the following sponsors:
Neighborhood Revitalization Tax Credit Act
The Neighborhood Revitalization Tax Credit Program is a designed to foster the revitalization of New Jersey’s distressed neighborhoods. The Program offers business entities a 100 percent tax credit against various New Jersey state taxes. Credits are provided to business entities that invest in the revitalization of low- and moderate-income neighborhoods in eligible cities. Sixty percent of the tax credit funds must be used for activities related to the development of housing and economic development. The remaining balance may be used for complementary activities such as the provision of assistance to small businesses, removing barriers to self-sufficiency, and promoting the integration of mixed-income neighborhoods.
A total of $10 million per year is available in tax credits, which is expected to leverage more than $100 million in total grants, loans and equity investments in those neighborhoods.
In order to qualify for this tax credit investment, a not-for-profit entity must choose a neighborhood, prepare a neighborhood revitalization plan and submit the plan to the Department of Community Affairs (DCA) for approval. Once DCA has approved the plan, the entity can then prepare and submit a specific project for DCA approval, which will include implementation strategies and demonstrate how the project will specifically use the tax credit investments. Each approved project can qualify for up to $1 million in tax credit investments.
The Chamber is recommending support of this legislation, pending ratification from our board. This is an issue that the Chamber identified as an important one, as it will support opportunities for businesses to contribute to local economic development projects through incentives rather than unfunded mandates such as the recent COAH legislation. It also will promote opportunities for job creation and the development of workforce housing in Atlantic City, such as the Chamber's own CDC housing project on Tennessee Ave., scheduled to be completed in 2009.
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