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NJ A4534

Bill

Status

Passed

9/12/2024

Primary Sponsor

Craig Coughlin

Click for details

Origin

General Assembly

2024-2025 Regular Session

AI Summary

  • Expands the definition of "qualified assistance fund expense" under New Jersey's Urban Enterprise Zone (UEZ) program to include improvement of transportation infrastructure located within enterprise zones

  • Allows UEZ assistance funds to pay debt service related to financing transportation infrastructure projects and permits pledging funds toward repayment of loans from the State Transportation Infrastructure Bank or other government agencies

  • Permits up to 75% of zone assistance funds to be used for transportation infrastructure project costs or debt service, provided such use is detailed in the municipality's UEZ Authority-certified zone development plan

  • Defines "transportation infrastructure" broadly to include public highways, roads, bridges, streets, and public transportation facilities such as passenger stations, terminals, parking facilities, rail cars, motorbuses, and related equipment

  • Adds definitions for various transportation terms including public transportation service, rail passenger service, motorbus regular route service, paratransit services, and ferry passenger service

Legislative Description

Revises definition of qualified assistance fund expenses under UEZ program to include costs of transportation infrastructure projects and related debt service.

Bills and Joint Resolutions Signed by the Governor

Last Action

Approved P.L.2024, c.80.

9/12/2024

Committee Referrals

Commerce, Economic Development and Agriculture Committee6/6/2024

Full Bill Text

No bill text available