Neighborhood Revitalization Tax Credit (NRTC) Program Overview

The Neighborhood Revitalization Tax Credit Program (NRTCP) is designed to foster the revitalization of New Jersey’s distressed neighborhoods. The Program offers business entities a 100 percent tax credit against various New Jersey state business taxes. Credits are provided to business entities that invest in the revitalization of low and moderate-income neighborhoods where a community based non-profit agency has prepared a redevelopment plan that has been approved by the NJ Department of Community Affairs (DCA).

A total of $10 million per year is available in tax credits statewide, which is expected to leverage more than $100 million in total grants, loans and equity investments in those neighborhoods. The minimum NRTC investment for a corporation is $25,000 and the maximum in any given year is $1 million.

Corporations that invest in the NRTC program have three options when they make their investment. They can make their payment to the NRTC Trust Fund and allow DCA to decide where their dollars will be spent. They can direct their funds to a particular region of the State or they specify a particular Neighborhood Plan that they wish to support.

Click here to learn more about the Neighborhood Revitalization Tax Credit (NRTC).