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TRENTON, NJ-Companies that buy, build or renovate commercial properties in Camden and Newark have until September 1 to apply for the nearly $40 million in federal tax benefits available this year. The aim of the program is to stimulate economic development in the two cities, which have struggled for years.

The Commercial Revitalization Deduction program is being run by the New Jersey Economic Development Authority in conjunction with local city of empowerment zone staffs in the two cities, which have been designated as Renewal Communities (RCs). Applications and supporting materials have to be submitted to the RC staffs in the two cities, according to EDA spokesman Glenn Phillips.

The total available benefits for 2003 are broken down as $24 million available for projects in Camden, and $15.2 million for Newark. A maximum of $10 million is available for any one project, according to Phillips. In years 2004 through 2009, a total of $12 million in tax incentives will be available in each city.

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