Bill > A1495

This bill exempts receipts from the sales of materials, supplies, and services for certain affordable housing projects from the sales and use tax in New Jersey. The exemption applies to projects that have received federal, state, or local subsidies, as well as housing projects where all units are restricted for occupants with moderate, low, or very low incomes as defined in the state's Affordable Housing Act. The bill amends an existing law, the "Sales and Use Tax Act," to provide this exemption, and it will take effect on the first day of the second month following the date of enactment, applying to sales made on or after the effective date.

Budget and Finance, Housing and Urban Affairs

https://www.njleg.state.nj.us/bill-search/2024/A1495