S 2950
Provides CBT and GIT credits for completion of qualified residential housing projects at abandoned commercial building sites.
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Sign in to take action- Introduced
- Passed Senate
- Passed General Assembly
- To Governor
- Became Law
Bill overview
This bill provides corporate business tax (CBT) and gross income tax credits to developers who complete residential housing projects on the sites of abandoned commercial buildings in New Jersey. The credits are capped at 25% of the construction costs or $1,000,000, whichever is lower, and require certification from the Division of Taxation. The bill also mandates a report to the Governor and Legislature five years after enactment assessing the credit's effectiveness in revitalizing abandoned commercial spaces.
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