Bill > S2950

Introduced Session

The bill provides corporation business tax and gross income tax credits for qualified construction costs incurred by a taxpayer for the completion of a qualified residential housing project at the site of an abandoned commercial building in the State. The bill defines "commercial building" as a building of at least 100,000 square feet that is used for commercial purposes. Under the bill, a "qualified residential housing project" means the construction of a new residential housing project at the demolition site of an abandoned commercial building or the conversion, rehabilitation, or repurposing of an abandoned commercial building into a residential housing project. The amount of the tax credit would be capped at the lesser of the following: (1) 25 percent of the qualified construction costs incurred by the taxpayer during the privilege period or taxable year; or (2) $1,000,000. To qualify for the tax credit, a taxpayer would be required to apply to the Division of Taxation for a certification that provides: (1) that the qualified residential housing project meets the requirements of the bill; and (2) the amount of the tax credit calculated pursuant to the bill. Finally, the bill would require the Director of the Division of Taxation to prepare and submit to the Governor, the State Treasurer, and the Legislature no later than five years after the enactment of the bill a report that, at a minimum, summarizes the effectiveness of the tax credit in incentivizing the replacement or repurposing of abandoned commercial buildings through the completion of residential housing projects.

AI Summary

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Raj Mukherji (D)*, 

Introduced in the Senate, Referred to Senate Community and Urban Affairs Committee (on 01/13/2026)

Official Document