S 3025
Grants credit against business income taxes to developer of rental housing reserved for occupancy by veterans.
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- Passed Senate
- Passed General Assembly
- To Governor
- Became Law
Bill overview
This bill proposes a tax credit for developers who create rental housing specifically reserved for occupancy by veterans in New Jersey. The credit would be equal to 10% of approved costs associated with building or renovating the housing, including land acquisition, construction, and related expenses. The goal is to encourage the development of stable housing options for veterans, who often face challenges finding suitable accommodations. The bill establishes eligibility requirements, application procedures, and reporting requirements to administer the credit effectively.
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