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New Jersey Tax Credit To Encourage Transit-Oriented Locations

Posted by: Nate Berg

4 January 2008 - 11:00am

New Jersey Governor Jon Corzine is pushing a bill that would offer tax credits of up to $75 million to businesses that locate within a half-mile of a transit station.

"The bill is meant to expand on the idea of transit villages -- initiatives to curb urban sprawl by encouraging residential development in urban areas near mass transit -- and apply it to the corporate world. It would offer tax credits as an inducement to invest in offices in struggling cities rather than far-flung suburbs."

"Corzine is hoping to push the deal through in the lame-duck session in order to accommodate at least two corporations considering locating in urban areas, one in Newark and the other in New Brunswick, according to a senior administration official who asked not to be named because of the sensitivity of ongoing negotiations. The official declined to name either of the businesses involved."

Full Story: Corzine pushes transit-hub tax credits
Source: The Star-Ledger, January 3, 2008
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