Bill > S1983

This bill, the "Green Building Tax Credit Act," establishes a tax credit for taxpayers who construct or retrofit green buildings in New Jersey. The key provisions of the bill are: 1. It defines various terms related to green building, such as "allowable costs," "green building," and "LEED Green Building Rating System." 2. It grants a tax credit of up to 6.5% of allowable costs for the construction or retrofitting of green buildings, with higher credits for buildings that achieve higher LEED certification levels. 3. It requires the Departments of Community Affairs, Environmental Protection, and the Division of Taxation to jointly adopt rules and regulations to encourage green building principles and maintain standards for obtaining the tax credits. 4. It establishes a process for taxpayers to apply for and obtain credit reservation certificates and eligibility certificates from the Department of Community Affairs to claim the tax credits. 5. It limits the total amount of tax credits available in the first fiscal year to $20 million, and in each of the subsequent six fiscal years to $50 million, with any unused amounts rolling over to future years. 6. It sets specific green building standards that must be met, covering areas such as energy efficiency, building materials, water efficiency, indoor air quality, and stormwater management.

Agriculture and Natural Resources, Budget and Finance

https://www.njleg.state.nj.us/bill-search/2022/S1983