Gibbons Law Alert

Gibbons Law Alert

Tagged: Investment

Gibbons SFY 2026 Report: New Jersey Department of Environmental Protection Presents Its FY 2026 Budget Proposal

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Posted in State Budget

On April 22, 2025

This is the latest installment in a series of posts that offers a detailed look into the budget proposals for the major departments that constitute the state government. On April 9, 2025, New Jersey Department of Environmental Protection (NJDEP) Commissioner Shawn LaTourette appeared before the General Assembly Budget Committee (“ABU”) to present the NJDEP’s proposed FY 2026 budget, which totals $485.2 million. This total represents a decrease of $305.4 million or 38.6 percent from the FY 2025 adjusted appropriation. Backdrop of Federal Funding Cuts and Major Policy Changes Since President Trump began his second term in January 2025, his administration has implemented significant policy shifts impacting environmental efforts across the United States. On his first day back in office, President Trump issued an Executive Order withdrawing the United States from the Paris Agreement under the United Nations Framework Convention on Climate Change. This move marked the second time the United States has withdrawn from the accord during Trump’s leadership. That same month, the United States Environmental Protection Agency (EPA) removed all “climate change” references from its website and President Trump issued an Executive Order terminating “to the maximum extent allowed by law, all … ‘environmental justice’ offices and positions.” Additionally, President Trump issued an Executive Order indefinitely withdrawing all areas of the Outer Continental Shelf (OCS) from any...

Governor Murphy Signs New Economic Incentive Legislation

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Posted in Economic Development

On January 7, 2021

Governor Murphy signed into law the New Jersey Economic Recovery Act of 2020 (NJERA), opening a new chapter in the Murphy Administration’s efforts to incentivize businesses to invest in New Jersey and to assist the State in recovering from the economic downturn caused by COVID-19. NJERA’s enabling legislation, almost 250 pages long, creates new economic development programs, amends existing programs, and makes operational changes to the New Jersey Economic Development Authority (EDA). New Incentive Programs NJERA 2020 creates nine new incentive programs: The Historic Property Reinvestment Program provides tax credits for part of the cost of rehabilitating historic properties in this State. Tax credits under this program are capped at $50 million annually for six years. Qualified historic properties potentially eligible for tax credits include those designated on the National Register of Historic Places or the New Jersey Register of Historic Places, by the Pinelands Commission, or by municipalities under certain criteria approved by the State Historic Preservation Officer. The Brownfields Redevelopment Incentive Program provides tax credits to compensate developers for remediation costs of redevelopment projects located on brownfield sites. Tax credits under this program are capped at $50 million annually for six years. Brownfield sites include any former or current commercial or industrial site that is currently vacant or underutilized and on which there...

Equity Crowdfunding Turns Six Months Old: Looking at Title III for Investors and Businesses

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Posted in Regulatory Counseling and Departmental Action

On December 5, 2016

November 16, 2016 marked the six-month anniversary of Title III of the JOBS Act of 2012 being fully implemented. Title III and the rules promulgated by the Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA) allow businesses to raise capital through “equity crowdfunding.” This is the act of raising capital from others via the internet, by seeking small investments from a large number of potential investors through the use of licensed broker-dealers or internet funding portals. These investments are exempt from the traditional security registration requirements. People are generally familiar with existing “crowdfunding” platforms such as Kickstarter, Indiegogo, and GoFundMe which have been in existence since at least 2008. These platforms practice rewards-based crowdfunding.  Backers give a “campaign” money, and the backer gets back a “reward,” i.e., a thank you note or the first edition of a product. Title III, however, allows for “equity crowdfunding,” which is the ability to buy ownership in an early-stage company and hopefully reap a monetary return on that investment. Instead of getting that thank you note or new product, the investor is getting a piece of equity in the company he or she just invested in. Many industry professionals and commentators expected “equity crowdfunding” to be a “slow burn” due to regulatory hurdles, a lack...

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