For all of the looming questions about federal tax reform, the state’s commercial real estate sector is also facing uncertainty about the impact of a new governor and Legislature.
Government & Public Policy
From zoning disputes to the federal tax code, public policy affects the commercial real estate sector far more than you may realize. For industry leaders, government and politics demand constant attention.
Public incentives: Building on the success of Grow New Jersey, ERG
Even the staunchest supporters of the state’s incentive programs believe it’s time for a change — but they stop well short of those who call for outright eliminating the powerful economic development tools. To that end, the Smart Growth Economic Development Coalition has proposed a series of amendments to incentives such as the Grow New Jersey tax credit and the Economic Redevelopment and Growth grant. The group cited the need to right-size the offering to reflect changes in the market and to help a broader swath of businesses, while also adding flexibility to the program and rebalancing its policy objectives.
Local land use: Creating predictability, uniformity
Rather than try to replace the Municipal Land Use Law or strip local governments of the ability to control zoning in their town, the Smart Growth Economic Development Coalition has outlined what it says are reasonable, practical changes to help streamline development, create more certainty and encourage new business growth in the state. Those changes include steps such as standardizing non-residential site improvement requirements, creating more consistency across the entitlement process and softening the approval process for projects that will help create affordable housing.
