Bill > S1484

This bill amends existing law to exempt receipts from the sale of materials, supplies, and services used for certain affordable housing projects from sales and use tax, which is a tax on the purchase of goods and services. Specifically, it expands the exemption to include housing projects where all units are restricted for occupants with moderate, low, or very low incomes, as defined by state law, in addition to existing exemptions for non-profit organizations, businesses in enterprise zones, and housing projects financed through the New Jersey Housing and Mortgage Finance Agency that receive other subsidies. The bill also clarifies that the exemption applies to housing sponsors engaged in these affordable housing projects and will take effect on the first day of the second month following its enactment, applying to sales made on or after that effective date.

Budget and Finance, Housing and Urban Affairs

https://www.njleg.state.nj.us/bill-search/2024/S1484