New Jersey has approved the creation of a $300MM Brownfields Redevelopment Incentive (“BRI”) program.
“BRI” incentivizes developers to clean up existing and anticipated Brownfield sites within New Jersey so that they can be used and enjoyed by community residents.
The program awards tax credits up to 50% of the remediation costs paid by participating companies, up to a maximum of $4M. If the Brownfield is located in a Government Restricted Municipality, the percentage of the award can increase to 60% of the cost of remediation, up to $8M.
The credits are awarded on a competitive bidding process basis and thus, NJ will decide who receives the credits based on the bids.