"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
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- Introduced
- Passed Senate
- Passed General Assembly
- To Governor
- Became Law
Overview
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 the National Register of Historic Places or meeting other historic preservation standards, and the rehabilitation must meet minimum spending requirements. The credit is capped at $25,000 per property over a ten-year period, and there are recapture provisions if the property’s architectural features are altered significantly after the rehabilitation.
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