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Bill > S427
NJ S427
NJ S427Provides CBT tax credit for retrofit of existing warehouses with solar-ready zone once solar panels are installed.
summary
Introduced
01/11/2022
01/11/2022
In Committee
06/30/2023
06/30/2023
Crossed Over
06/30/2023
06/30/2023
Passed
Dead
01/08/2024
01/08/2024
Introduced Session
2022-2023 Regular Session
Bill Summary
Provides CBT tax credit for retrofit of existing warehouses with solar-ready zone once solar panels are installed.
AI Summary
This bill provides a Corporation Business Tax (CBT) credit for the retrofit of existing warehouses with a solar-ready zone, once solar panels are installed. The credit is limited to the lesser of 50% of the retrofit costs or $250,000 per warehouse, up to a maximum of eight warehouses per taxpayer. To receive the credit, the taxpayer must demonstrate that solar panels have been installed on the retrofitted, solar-ready zone. The total value of the tax credits is capped at $25 million. The bill also outlines the requirements for certification and the process for the director to adopt rules and regulations to implement the provisions.
Committee Categories
Agriculture and Natural Resources, Budget and Finance
Sponsors (3)
Last Action
Received in the Assembly, Referred to Assembly Environment and Solid Waste Committee (on 06/30/2023)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.njleg.state.nj.us/bill-search/2022/S427 |
| Analysis - Statement SBA 6/27/23 | https://pub.njleg.gov/Bills/2022/S0500/427_S2.PDF |
| Fiscal Note - Fiscal Estimate 3/20/23; as introduced | https://pub.njleg.gov/Bills/2022/S0500/427_E1.PDF |
| Analysis - Statement SEN 1/30/23 | https://pub.njleg.gov/Bills/2022/S0500/427_S1.PDF |
| Analysis - Technical Review Of Prefiled Bill | https://pub.njleg.gov/Bills/2022/S0500/427_T1.PDF |
| BillText | https://www.njleg.state.nj.us/Bills/2022/S0500/427_I1.HTM |
| Bill | https://www.njleg.state.nj.us/Bills/2022/S0500/427_I1.PDF |
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