These 2 New Jersey Towns Are Getting $90 Million In Tax Credits

Gov. Chris Christie has signed legislation this week awarding $90 million in redevelopment tax credits to two New Jersey towns.

The bill will authorize the state Economic Development Authority to award an additional $90 million worth of tax credits under the state's Economic Redevelopment and Growth Grant program, according to the legislation.

The program was established as part of the New Jersey Economic Stimulus Act of 2009, reimbursing developers as an incentive for rebuilding communities suffering from economic problems.

Under the new plan, the legislation will provide tax credits to two specific residential projects:

• $40 million worth of tax credits to projects within New Brunswick that include a theater venue for the performing arts; and
• $50 million worth of tax credits to residential projects within Newark.

New Brunswick already has several theaters for performing arts, but neither the lawmakers who sponsored the bill nor Christie specified what the New Brunswick project was about.

Photo credit: Gage Skidmore via Flickr