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  • NJ A2212
  • Grants credit against business income taxes to developer of rental housing reserved for occupancy by veterans.*
Introduced
(1/27/2016)
In Committee
(11/30/2017)
Crossed Over
(6/8/2017)
PassedSignedDead/Failed/Vetoed
2016-2017 Regular Session
This bill would establish a tax credit for New Jersey housing developers who construct homes for New Jersey veterans. This legislation would provide a credit against an entity's business taxes. The bill permits a developer to receive a non-refundable credit against New Jersey business taxes. The credit amount is calculated based on the developer's expenditures to create rental housing restricted to occupancy by veterans. The bill provides that expenditures for a wide array of construction and real estate development activities are "allowable costs" that qualify for a credit. The credit amount may be up to 10 percent of the developer's allowable costs for developing veterans' housing. To receive a credit, the developer must submit both a project plan and an application to the Department of Community Affairs. The Department of Community Affairs will issue a certificate of eligibility, which the developer will file with the developer's tax return to obtain the credit. The Commissioner of the Department of Community Affairs will develop regulations to administer the credit program in conjunction with the Division of Taxation and the Department of Military and Veteran's Affairs.
2nd Reading in the Assembly, Budget and Appropriations, Military and Veterans' Affairs, Passed Assembly
Referred to Senate Budget and Appropriations Committee  (on 11/30/2017)
 
 
Date Chamber Action Description
11/30/2017 S Referred to Senate Budget and Appropriations Committee
11/30/2017 S Reported from Senate Committee, 2nd Reading
11/30/2017 Senate Military and Veterans' Affairs Hearing (19:00 11/30/2017 The committee will also consider SCR-170, Cruz-Perez (pending in)
6/12/2017 S Received in the Senate, Referred to Senate Military and Veterans' Affairs Committee
6/8/2017 A Passed by the Assembly (76-0-0)
3/20/2017 Assembly Appropriations Hearing (19:00 3/20/2017 *A4177, A4597, S2997 (1R) are all pending referral)
3/20/2017 A Reported out of Assembly Comm. with Amendments, 2nd Reading
3/20/2017 Assembly Appropriations Hearing (19:00 3/20/2017 *A4177, A4597, S2997 (1R) are all pending referral*)
4/4/2016 A Reported and Referred to Assembly Appropriations Committee
4/4/2016 Assembly Military and Veterans' Affairs Hearing (10:00 4/4/2016 Committee Room 13, 4th Floor)
1/27/2016 A Introduced, Referred to Assembly Military and Veterans' Affairs Committee
Date Motion Yea Nay Other
Detail 11/30/2017 Senate Military and Veterans' Affairs Committee: Reported Favorably 3 0 1
Detail 6/8/2017 Assembly Floor: Third Reading - Final Passage 76 0 4
Detail 3/20/2017 Assembly Appropriations Committee: Reported with Amendments 11 0 0
Detail 4/4/2016 Assembly Military and Veterans' Affairs Committee: Reported Favorably 4 0 2