Developers in New Jersey start the New Year with a late Christmas gift from the State Legislature–a one-year extension of the Permit Extension Act.
Governor Chris Christie, on Dec. 26, signed into law the latest update of the Permit Extension Act of 2008. The original law was enacted at a time when the national recession had brought building and development projects in the state to a virtual standstill. Lawmakers were asked to stop the clock on permits then due to expire.
The statute was amended in 2010 to extend the tolling of approvals to December 31, 2012, and again in 2012, to extend the tolling protections for another two years, until December 31, 2014.
The latest amendment continues the effective period for an additional year. It now will expire on December 31, 2015, with additional tolling of up to six months for certain qualifying approvals.
With the state’s economy rebounding, there was some question as to whether the latest extension legislation, A-3815, would be adopted. But, in a last minute burst of committee and floor votes, it sailed through both houses–66-1-8 in the Assembly and 31-5 in the Senate.
Gov. Christie’s support never was in question and he iced the deal with his signature on the day after Christmas.
