Bill > S4163

This bill establishes a tax credit program designed to encourage the development of rental housing specifically for veterans in New Jersey. The bill provides a tax credit of 10 percent of a developer's approved costs for creating residential rental properties where all units are reserved for or occupied by veterans, with total credits limited to $5 million per fiscal year. To qualify, developers must submit a project plan to the Department of Community Affairs and obtain a credit eligibility certificate, and the housing must reserve units for veterans for at least 15 years. Approved costs can include expenses like land purchase, construction, rehabilitation, professional fees, site costs, and interior improvements. The tax credit can be applied against either the New Jersey Gross Income Tax or the Corporation Business Tax, and for pass-through entities like partnerships and S corporations, the credit can be distributed among partners or shareholders. The bill recognizes the significant contribution of veterans to the state, noting that as of 2023, there are 338,012 veterans in New Jersey, and aims to address housing challenges particularly for those who served after September 11, 2001. The New Jersey Housing and Mortgage Finance Agency will also provide additional support by designating staff to help developers navigate financial assistance options for veteran housing projects.

Housing and Urban Affairs

https://www.njleg.state.nj.us/bill-search/2024/S4163