New Jersey Governor Chris Christie signed a bill to boost tax credits for development of non- gambling businesses in the struggling casino hub of Atlantic City.
The city has seen casino revenue drop for seven consecutive years under pressure from out-of-state competitors and is seeking to rebrand itself.
The bill makes non-gaming projects eligible for the highest level of economic development incentives, joining Camden, Passaic, Paterson and Trenton. The law also creates a new tax credit for developers that donate public infrastructure to governments.
Moody’s Investors Service dropped the locality to junk in July because of its dependence on the gambling industry.
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