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ARTICLE · 26 JULY 2021

New Incentives For NJ Brownfields Redevelopment An Overview Of New Jersey's Brownfields Redevelopment Incentive Program

Riker, Danzig, Scherer, Hyland & Perretti
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New Jersey is rolling out a new tax incentive program for the redevelopment of underused, contaminated properties, known as "brownfield sites."...

United StatesEnvironment
Jason M. Boyle
Jason M. Boyle

New Jersey is rolling out a new tax incentive program for the redevelopment of underused, contaminated properties, known as “brownfield sites.”  In fact, on January 7, 2021, Governor Phil Murphy signed into law the New Jersey Economic Recovery Act of 2020, P.L.2020, c.156 (the “Economic Recovery Act”), a broad piece of legislation that provides support for a variety of programs and policies related to jobs, small businesses, sustainable energy, and many other areas.  Sections 9 through 19 of the Economic Recovery Act establish the Brownfields Redevelopment Incentive Program Act (the “Program”), which supplements the existing Brownfield and Contaminated Site Remediation Act.  Put simply, the Program allows the New Jersey Economic Development Authority (“EDA”) to award  up to $50 million in tax credits annually for six years to redevelopment projects in need of financial assistance to address environmental contaminants or hazardous building material, such as asbestos. 

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