The Trenton Times published the following article on June 1, 2013. To read the full article, click here.

New bill sponsored by state Sen. Shirley Turner could benefit businesses and impoverished cities

By Alyssa Mease/The Times of Trenton 
on June 01, 2013 at 8:30 AM

TRENTON — A bill aimed at bringing new business to impoverished neighborhoods received final legislative approval and is now headed to Gov. Chris Christie’s desk to be signed, state Sen. Shirley Turner said in a news release yesterday.

If signed by the governor, the Neighborhood Revitalization State Tax Credit will give businesses that finance revitalization projects in impoverished communities a tax credit.
The program already exists, but the bill would raise the cap on tax credits from $10 million to $15 million and allow the credits to be used against gross income tax.

“Expanding the program will provide more opportunities for projects that attract new businesses, create jobs and improve the socio-economic conditions of our neighborhoods,” Turner (D-Lawrence) said in the release.

Under the program, businesses that contribute financial assistance to an approved nonprofit for community projects can receive a tax credit for up to 100 percent of the amount provided.

Neighborhood preservation and revitalization plans must be approved by the state.

In a December 2012 report, the Housing and Community Development Network of New Jersey, in partnership with New Jersey Community Capital, found that for every dollar invested in a Neighborhood Revitalization State Tax Credit project, recipients leveraged an additional $7.30 in support of their projects.

“The Neighborhood Revitalization State Tax Credit incentivizes businesses to invest in our poorest communities to combat urban blight,” Turner said.Contact Alyssa Mease at amease@njtimes.com or (609) 989-5673.