Bill > A3365

This bill allows taxpayers to utilize an alternative method of depreciating certain expenditures incurred in connection with the construction of new affordable housing developments. Specifically, the bill allows taxpayers to depreciate a percentage of eligible property expenditures over a 10-year period, with the percentage determined by the ratio of affordable housing units to the total number of housing units in the development. The bill defines "affordable housing" as housing occupied or restricted to households with income no greater than 80% of the regional median income, and "affordable housing development" as a development that meets certain criteria, including that it does not receive tax abatements or affordable housing subsidies. The bill applies to eligible property expenditures for affordable housing developments placed in service during any tax year or privilege period beginning January 1, 2025 and thereafter.

Budget and Finance, Housing and Urban Affairs

https://www.njleg.state.nj.us/bill-search/2024/A3365