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Bill > S1422
NJ S1422
NJ S1422Allows taxpayers to utilize alternative method of depreciation of certain expenditures in connection with construction of new affordable housing developments.
summary
Introduced
01/09/2024
01/09/2024
In Committee
03/11/2024
03/11/2024
Crossed Over
03/18/2024
03/18/2024
Passed
03/18/2024
03/18/2024
Dead
Signed/Enacted/Adopted
03/20/2024
03/20/2024
Introduced Session
2024-2025 Regular Session
Bill Summary
An Act allowing taxpayers to utilize alternative method of depreciation for certain expenditures under corporation business and gross income taxes, supplementing P.L.1945, c.162 (C.54:10A-1 et seq.) and Title 54A of the New Jersey Statutes.
AI Summary
This bill allows taxpayers to utilize an alternative method of depreciation for certain expenditures related to the construction of new affordable housing developments. Specifically, taxpayers can depreciate a percentage of their eligible property expenditures, as calculated using a formula based on the number of affordable housing units in the development, over a 10-year period. This applies to both the Corporation Business Tax Act and the New Jersey Gross Income Tax Act. The bill also provides definitions for key terms like "affordable housing," "affordable housing development," and "eligible property expenditures," and directs the Director of the Division of Taxation to prescribe the necessary rules and regulations.
Committee Categories
Budget and Finance, Business and Industry
Sponsors (6)
Clinton Calabrese (D)*,
Yvonne Lopez (D)*,
Troy Singleton (D)*,
Shanique Speight (D)*,
Shirley Turner (D)*,
Nellie Pou (D),
Last Action
Approved P.L.2024, c.1. (on 03/20/2024)
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/2024/S1422 |
| BillText | https://pub.njleg.gov/Bills/2024/PL24/1_.HTM |
| BillText | https://pub.njleg.gov/Bills/2024/AL24/1_.HTM |
| Fiscal Note - Fiscal Estimate 3/21/24; 2R | https://pub.njleg.gov/Bills/2024/S1500/1422_E2.PDF |
| BillText | https://pub.njleg.gov/Bills/2024/S1500/1422_R2a.HTM |
| Analysis - Statement SBA 3/11/24 1R | https://pub.njleg.gov/Bills/2024/S1500/1422_S2.PDF |
| BillText | https://pub.njleg.gov/Bills/2024/S1500/1422_R2.HTM |
| Fiscal Note - Fiscal Estimate 2/23/24; 1R | https://pub.njleg.gov/Bills/2024/S1500/1422_E1.PDF |
| BillText | https://pub.njleg.gov/Bills/2024/S1500/1422_R1.HTM |
| Analysis - Statement SCU 1/25/24 | https://pub.njleg.gov/Bills/2024/S1500/1422_S1.PDF |
| BillText | https://pub.njleg.gov/Bills/2024/S1500/1422_I1.HTM |
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