An additional $250 million in funding for the Urban Transit Hub tax credit program is scheduled for approval by both houses of the Legislature this afternoon.
The bill, S-1562/A-3154, also would extend the deadline to apply for credits six months, to July 1, 2014.
The new deadline puts the transit hub credits on the same time frame as the Grow New Jersey program, a newer program whose funding was carved out of the tax credit funds.
The funding is scaled back from the $1 billion addition that was originally included in the legislation. In addition, the bill was amended this month to maintain a $200 million cap on Grow New Jersey funding.
New Jersey Builders Association CEO Timothy Touhey said the bill would be good for economic development.
"It's a continuation of the program, which I think is a good signal," Touhey said. "We haven't gotten out of the woods yet, and this will help urban markets."
Developers are anticipating the state will be evaluating its economic incentive programs.
The program is targeted at nine cities in the state that have rail lines.