Bill > A1477

Introduced Session

This bill, entitled the "Green Building Tax Credit Act," provides tax credits toward the corporation business tax, gross income tax, and certain other specified taxes for developers and owners who design and construct buildings and owners who retrofit buildings to meet certain "green building" criteria. The bill provides that developers or owners of newly constructed and retrofitted buildings would qualify for the tax credits if the building meets the green building standards set forth in section 7 of the bill to be adopted by the Department of Community Affairs (DCA) in consultation with the Department of Environmental Protection (DEP), or if the building meets the criteria required for Certified, Silver, Gold, or Platinum status under the LEED Green Building Rating System or LEED Residential Green Building Rating System. The "Green Building Tax Credit Act" would be administered by the DCA in consultation with the DEP and the Division of Taxation in the Department of the Treasury. The bill directs the DCA, in consultation with the DEP, within one year after the date of enactment of the bill into law, to adopt standards for the "green building" criteria set forth in section 7 of the bill, and requires the standards to be reviewed and updated at least every two years from the date on which they are adopted. The tax credits provided by the bill would be available for seven years. The total of all credits which could be allocated in the first fiscal year after enactment would be no more than $20 million. In each of the subsequent six fiscal years, up to $50 million of credit allocations may be authorized per year, and any unused allocable amounts may roll over to subsequent fiscal years. An eligible taxpayer may apply no more than 20 percent of their total tax credit in any tax year.

Committee Categories

Robert Karabinchak (D)*, 

Introduced, Referred to Assembly Environment, Natural Resources, and Solid Waste Committee (on 01/09/2024)

Official Document