TRENTON N.J. – The Assembly unanimously voted in favor of Assemblyman Ron Dancer’s bill (A-5585) to extend document submission deadlines under the Economic Redevelopment and Growth Grant Program (ERGG) and the Urban Transit Hub Tax Credit Programs (UTHTC). The bill now sits on the governor’s desk awaiting a signature.
“Our businesses are struggling due to overbearing taxes, so it only makes sense to extend these opportunities to achieve some sort of relief to our New Jersey businesses,” said Dancer (R-Ocean).
Under the bill, a business or developer that is seeking to receive tax credits under the Economic Redevelopment and Growth Grant Program and the Urban Transit Hub Tax Credit Program has an additional two years to submit documents. The deadlines would be extended from 2021 to 2023.
“It’s no secret taxes are hurting businesses in New Jersey so we must try to alleviate some of their burdens and extending these submission dates is a start in the right direction,” said Dancer.
The bill (A-5585) passed the Senate with a 40 to 0 vote.