Provides CBT and gross income tax credits for replacement of abandoned commercial building with new commercial building.
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed Senate
- Passed General Assembly
- To Governor
- Became Law
Overview
This bill proposes tax credits for New Jersey taxpayers who demolish abandoned commercial buildings and construct new commercial buildings on the same sites. It offers both a corporation business tax credit and a gross income tax credit, with the credit amount capped at 25% of the project's costs or $500,000, whichever is lower. To qualify, applicants must demonstrate demolition and new construction, and the total value of credits awarded will be limited to $5 million.
Bill text
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Document of record
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Sponsors
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3 on record
Primary sponsors
Michael Testa
Cosponsor
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