Gov. Chris Christie recently signed legislation into law that imposes new requirements on municipalities that provide long term tax abatements. Most notably, cities and towns will be required to file the financial agreements required in relation to long term tax exemptions with their county finance officer and counsel, as well
Many New Jersey municipalities, such as Jersey City, use tax abatements to incentivize local development projects. Starting later this year, local governments will be required to disclose the agreements on their financial statements. Under newly issued guidelines by the Government Accounting Standards Board (GASB), state and local governments will be
Jersey City Mayor Stephen Fulop recently announced several key changes to the municipality’s tax abatement policy. The changes are part of Jersey City’s new comprehensive housing policy and are intended to ensure that all areas of the city benefit from the area’s rapid growth and development. In 2013, Mayor Fulop
