New Jersey § 34:1b-329
Full text of New Jersey New Jersey Statutes § 34:1b-329, with citation guidance and answers to common questions.
§ 34:1b-329.
a. Up to the limits established in subsection b. of this section and in accordance
with an incentive award agreement, beginning upon the receipt of occupancy permits
for any portion of the redevelopment project, or upon any other event evidencing project
completion as set forth in the incentive award agreement, a developer shall be allowed
a total tax credit that shall not exceed: (1) 80 percent of the total project cost for a redevelopment project that is located in
a government-restricted municipality; (2) 60 percent of the total project cost for a residential project that receives a four-percent allocation from the federal Low
Income Housing Tax Credit Program administered by the agency or a redevelopment project that is located in a qualified incentive tract, enhanced area,
or a municipality with a Municipal Revitalization Index score of at least 50; or (3) 50 percent of the total project cost for any other redevelopment project. b. The value of all tax credits approved by the authority under the program for a
redevelopment project phase shall not exceed: (1) $120,000,000 per redevelopment project or phase for a redevelopment project that is
located in a government-restricted municipality; (2) $90,000,000 per redevelopment project or phase for a redevelopment project that is allowed a tax credit under paragraph (2) of subsection a. of this section ; and (3) $60,000,000 for any other redevelopment project or phase.
Frequently Asked Questions About New Jersey § 34:1b-329
What does New Jersey Statutes § 34:1b-329 cover?
Section 34:1b-329 is part of the New Jersey Statutes, the codified statutory law of New Jersey. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite New Jersey § 34:1b-329?
A common citation format is "New Jersey Statutes § 34:1b-329" (New Jersey). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of New Jersey law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the New Jersey official source linked on this page or consult a licensed New Jersey attorney.
How does New Jersey § 34:1b-329 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in New Jersey can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in New Jersey.