General Assembly committee members last week approved a stimulus bill that would revamp tax increment financing in New Jersey to help jump-start economic growth and facilitate more private investment on college campuses.

The New Jersey Economic Stimulus Act would create a new economic redevelopment and growth grant program that would allow municipalities to use all new and additional revenue derived from a redevelopment project — such as income and business taxes, admission fees, parking revenues, hotels taxes, and sales tax receipts — to pay for construction and development costs.

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