United States:
NJ Assembly Passes Bill To Extend Moratorium On Nonresidential Development Fee
26 June 2014
Day Pitney LLP
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On June 23, the New Jersey Assembly passed Bill A1907, which
proposes to extend the now-expired moratorium on the Nonresidential
Development Fee. The moratorium on the fee, which is 2.5 percent of
the equalized assessed value of a nonresidential project, expired
on July 1, 2013. The Bill proposes to extend the moratorium to
December 31, 2014. The Bill provides that a developer that has paid
the fee after July 1, 2013, can seek a refund of monies, unless
that town has already expended the funds for affordable housing
projects. A similar bill is currently under consideration by the
Senate.
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