NJ A4619

Expands the definition of "government-restricted municipality" to include municipalities where the federal government controls at least 50 acres dedicated as a national natural landmark, making these areas eligible for enhanced tax credit percentages and reduced developer capital requirements

Reduces the minimum developer-contributed capital requirement from 20% to 10% of total rehabilitation or remediation costs for projects located in government-restricted municipalities

Eliminates the project financing gap analysis requirement for rehabilitation projects with total costs under $5 million that are located outside government-restricted municipalities

Increases tax credit caps for brownfield remediation projects in qualified incentive tracts or government-restricted municipalities to $12 million (80% of costs) compared to $8 million (60% of costs) for projects elsewhere

Removes the October 14, 2024 sunset date for labor harmony agreement requirements in brownfield redevelopment projects involving retail establishments with more than 10 employees or distribution centers with more than 20 employees