Bill > A1826

This bill provides tax credits for the construction of certain buildings in New Jersey that meet specific energy and environmental performance standards, as defined by the LEED (Leadership in Energy and Environmental Design) Green Building Rating System, which is a widely recognized standard for sustainable building developed by the U.S. Green Building Council. The bill establishes definitions for "eligible building," which includes multi-family residential buildings with at least four stories and a minimum square footage, as well as commercial or industrial buildings, and also defines "Silver level building," "Gold level building," and "Platinum level building" based on their LEED certification. Taxpayers can receive credits against their corporation business tax and gross income tax for construction costs associated with these high-performing buildings, with the amount of the credit determined by rules and regulations based on factors like building size and LEED level, and considering environmental impact, material use, energy efficiency, water conservation, and waste reduction. To claim these credits, taxpayers must obtain a credit reservation certificate from the Commissioner of Environmental Protection, have a certificate of occupancy for the building, and ensure the building continues to perform at the certified level, with an overall annual cap of $10,000,000 for all credits granted under this program. The bill also outlines record-keeping requirements, the process for adopting necessary rules and regulations, and mandates a report to the Governor and Legislature evaluating the credit's effectiveness.