November 8, 2023

Perfect timing: The importance of the Aspire Tax Credit Program in a changing commercial real estate market

In 2020, the New Jersey Legislature passed the Economic Recovery Act of 2020, which among other things created the Aspire Tax Credit Program, the successor to the Economic Redevelopment and Growth (ERG) Program, formerly the state’s main real estate development incentive program. As designed, Aspire would become New Jersey’s main real estate focused tax credit program, helping developers close financing gaps through the issuance of tax credits for eligible projects. Qualifying projects may be eligible for tax credits equaling between 50 and 80 percent of eligible project costs, with awards further limited to between $60 million and $400 million (per project or phase of a project), depending on multiple factors.

Originally published on RE-NJ by Joshua Bird. Read more at the link here.

Murphy Schiller & Wilkes LLP (MSW) is a boutique law firm servicing the commercial real estate and construction industries. Headquartered in Newark, New Jersey, the firm services the commercial real estate and construction industries. Through the development of comprehensive legal strategies, our team works tirelessly to create a blueprint for success and advance our clients’ interests in every matter.