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Bill > S1799
NJ S1799
NJ S1799Increases annual limit of total tax credits certified for qualified projects under Neighborhood Revitalization Tax Credit Program.
summary
Introduced
01/13/2026
01/13/2026
In Committee
01/13/2026
01/13/2026
Crossed Over
Passed
Dead
Introduced Session
2026-2027 Regular Session
Bill Summary
This bill increases the limit of the total tax credits allowed to be certified for qualified projects proposed in a fiscal year under the Neighborhood Revitalization Tax Credit Program, established pursuant to the "Neighborhood Revitalization State Tax Credit Act," P.L.2001, c.415 (C.52:27D-490 et seq.), from $15 million to $65 million. The bill provides that, for any fiscal year in which the amount of tax credits certified for all qualified projects proposed in a fiscal year is less than the cumulative total amount of tax credits permitted to be approved in that fiscal year, the Commissioner of Community Affairs is to certify the amount of the remaining tax credits available for that fiscal year, and in the subsequent fiscal year the cumulative total amount of tax credits permitted to be approved for all qualified projects proposed is to equal the sum of $65 million and the certified amount remaining from the prior fiscal year.
AI Summary
This bill increases the annual limit of total tax credits that can be certified for qualified projects under the Neighborhood Revitalization Tax Credit Program from $15 million to $65 million per fiscal year. The Neighborhood Revitalization Tax Credit Program, established by the "Neighborhood Revitalization State Tax Credit Act," allows businesses to receive tax credits for funding approved projects that aim to revitalize neighborhoods. If the total amount of tax credits certified in a fiscal year is less than the $65 million limit, the Commissioner of Community Affairs will carry over the unused credit amount to the following fiscal year, adding it to the $65 million limit for that subsequent year. This provision ensures that the full potential of the program's funding can be utilized over time.
Committee Categories
Housing and Urban Affairs
Sponsors (4)
Last Action
Senate Community and Urban Affairs Hearing (10:00:00 3/5/2026 Committee Room 1, 1st Floor, State House Annex, Trenton, NJ) (on 03/05/2026)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.njleg.state.nj.us/bill-search/2026/S1799 |
| BillText | https://pub.njleg.gov/Bills/2026/S2000/1799_I1.HTM |
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