Bill > S3025

This bill establishes a tax credit for New Jersey housing developers who construct rental properties specifically for veterans, aiming to encourage the development of stable and decent housing for those who have served. Developers can receive a non-refundable credit, calculated as up to 10 percent of their "approved costs" – which encompass a wide range of expenses related to land acquisition, construction, rehabilitation, and associated professional fees – for creating this "qualified housing for veterans." To qualify, developers must submit a project plan and application to the Department of Community Affairs (DCA), which will issue a certificate of eligibility that the developer then files with their tax return. The bill defines "veteran" as anyone who served on federal active duty in the U.S. Armed Forces, National Guard, or reserves and was honorably discharged, and "qualified housing for veterans" as new or rehabilitated rental properties where all units are reserved for or occupied by veterans for at least 15 years. The total amount of credits granted annually will be capped at $5 million, and the DCA, in conjunction with the Division of Taxation and the Department of Military and Veteran's Affairs, will develop regulations to administer this program, ensuring it is simple to apply for and use, while also preventing tax fraud. The bill also mandates that the New Jersey Housing and Mortgage Finance Agency will provide information and assistance to developers interested in building veteran housing.

Housing and Urban Affairs

https://www.njleg.state.nj.us/bill-search/2026/S3025