SB3607 Summary

• Creates an income tax credit for developers investing in brownfield or grayfield redevelopment projects, with credits of 10% (brownfields) or 5% (grayfields) of up to $1,000,000 in rehabilitation costs, capped at $20,000,000 total for 2024-2027.

• Defines "brownfield" as former industrial/commercial sites with real or perceived environmental contamination, and "grayfield" as commercial buildings vacant for 12+ consecutive months, including vacant shopping malls.

• Extends Department of Commerce and Economic Opportunity certificate-based sales and use tax exemptions to tangible personal property purchased by developers for brownfield or grayfield rehabilitation after remediation occurs.

• Establishes criteria for project qualification including total developer investment, projected jobs/housing units, community impact, cost-efficiency, and enhanced consideration for projects providing middle-income housing.

• Allows credits to pass through to partners and shareholders, be carried forward 5 years, and be transferred during the 5-year period following the credit year.