TRENTON-It’s called the “Urban Transit Hub Tax Credit Act,” and the aim is to get corporations to locate near New Jersey’s major transit hubs. What the bill would do, if passed, is provide tax credits of up to $75 million to cover capital expenses ranging from construction and renovation to leasing costs for companies that create at least 200 jobs at a site within a half-mile of a transit station. The credits would be spread over a 10-year period.

The bill, S3043, formally introduced just three weeks ago, will get hearings this week before both the Senate Budget and Assembly Appropriations committees. A final vote could take place as soon as next Monday, which is the final day of the current lame-duck legislative session.

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