Bill > A2397

Introduced 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.

AI Summary

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Benjie Wimberly (D)*, 

Introduced, Referred to Assembly Housing Committee (on 02/07/2022)

Official Document