TRENTON-It's called the "Urban Transit Hub Tax Credit Act," andthe aim is to get corporations to locate near New Jersey's majortransit hubs. What the bill would do, if passed, is provide taxcredits of up to $75 million to cover capital expenses ranging fromconstruction and renovation to leasing costs for companies thatcreate at least 200 jobs at a site within a half-mile of a transitstation. The credits would be spread over a 10-year period.
The bill, S3043, formally introduced just three weeks ago, willget hearings this week before both the Senate Budget and AssemblyAppropriations committees. A final vote could take place as soon asnext Monday, which is the final day of the current lame-ducklegislative session.
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