"Homeowners' Historic Property Reinvestment Act"; allows homeowners to claim credit against gross income tax for certain costs of rehabilitating historic properties.
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed General Assembly
- Passed Senate
- To Governor
- Became Law
Overview
This bill, the Homeowners' Historic Property Reinvestment Act, allows New Jersey homeowners to claim a credit against their gross income tax for certain costs associated with rehabilitating historic properties. To qualify, properties must meet specific criteria, including being listed on a historic register or meeting certain design standards, and the rehabilitation must meet minimum spending requirements. The credit is capped at $25,000 over a 10-year period, and there are rules regarding interior rehabilitation costs.
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