NJ A2076

Expands the definition of "government-restricted municipality" to include additional municipalities based on population, county seat designation, MRI distress scores, and the presence of major highways like Interstate 280 and the Garden State Parkway

Reduces the maximum eligibility period for tax credits from 15 years to 10 years for all project types, with an option for a 5-year period for projects in government-restricted municipalities or special mission non-profit projects

Establishes occupancy requirements for commercial projects, requiring developers to forfeit tax credits if average occupancy falls below 60% beginning in the fourth year of the eligibility period

Creates provisions for special mission non-profit projects serving tenants requiring special needs or social services, exempting them from net benefit tests, affordable housing requirements, and market study submissions

Allows the Director of Taxation to purchase tax credits under the New Jersey Aspire Program at 85% of face value, provided the tax credit certificate was issued at least one year prior to surrender, with provisions for increased clawback percentages for developers exceeding reasonable returns on investment