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State Tax Credits News Briefs - April 2016

The New Jersey Economic Development Authority (EDA) approved an award March 12 of $16.1 million under the Economic Redevelopment and Growth (ERG) program for the redevelopment of the Roebling Steel complex in Trenton, N.J. The award, which will be allocated over a 10-year period, will allow developer HHG Development Associates to convert one of the buildings into the Wire Rope Lofts. The $42 million development will be constructed in a vacant warehouse, previously used for manufacturing wire rope and closed since the mid-1970s. The Wire Rope Lofts will include one-bedroom and two-bedroom duplex units. Future plans for the complex include an additional building consisting of loft-style units and restaurant/retail space to be built from the ground up.


The New Mexico Taxation and Revenue Department amended Regulation Section, effective Feb. 12. The regulation relates to the notice to the applicant by the secretary of the Energy, Minerals and Natural Resources Department for the proposed rejection of certification of eligibility application for the land conservation incentives credit. If after review of a certification of eligibility application, the secretary determines that there is cause to reject the certification of eligibility application, the secretary will issue a letter advising the applicant that the secretary is proposing to reject the certification of eligibility application and stating the specific reasons for the proposed rejection. If the proposed rejection involves an unfavorable preliminary review of the appraisal from the appraisal bureau, the department will include a copy of the review of the appraisal with the secretary’s letter. More information is available at


Utah’s H.B. 31 was effective March 1 and amends the state’s enterprise zone tax credit. H.B. 31 modifies the population requirements to qualify for designation as an enterprise zone by increasing the population limit to 70,000 from 50,000 for counties, and to 20,000 from 15,000 for municipalities. The legislation also establishes criteria that a business entity must submit in order to receive a tax credit certificate, including an application and documentation that demonstrates the business entity has met the requirements to receive the tax credit. The bill also has retrospective operation for a taxable year beginning on or after Jan. 1.


The California Franchise Tax Board (FTB) established the New Employment Credit (NEC). The credit is available for each taxable year beginning on or after Jan. 1, 2014, and before Jan. 1, 2021, to a qualified taxpayer that hires a qualified full-time employee on or after Jan. 1, 2014. The employer must also pay or incur qualified wages attributable to work performed by the qualified full-time employee in a designated census tract or economic development area, and that taxpayer receives a tentative credit reservation for that qualified full-time employee. The qualified taxpayer must also have a net increase in full-time employees in California, determined on an annual full-time equivalent basis. The FTB plans to post this information on its website in the coming weeks.

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State Tax Credits



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