Provides CBT tax credit for retrofit of existing warehouses with solar-ready zone once solar panels are installed.
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Progress
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- Introduced
- Passed Senate
- Passed General Assembly
- To Governor
- Became Law
Overview
This bill creates a tax credit for New Jersey businesses that retrofit existing warehouses with ‘solar-ready zones’ – areas designed for future solar panel installation – once solar panels are actually installed on the building. The credit can cover up to 50% of the retrofit costs, up to $250,000 per warehouse, and is capped at a total of $25 million. It also establishes specific requirements for eligibility and reporting to ensure the credit is used for genuine solar panel installations.
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