A New Jersey bill requiring the state to buy back unused tax credits for real estate and cultural arts development is headed to Gov. Phil Murphy (D) after passing in the Senate Monday.
The legislation requires state officials to purchase unused tax credits awarded under the New Jersey Aspire Program and the Cultural Arts Incentives Program, both of which were created under a 2020 economic development law. Currently, the directors of the Department of Treasury and Division of Taxation are permitted, but not obliged, to purchase the unused tax credits.
Sills Cummis & Gross P.C., a law firm specializing in ...