Bill > A211

This bill, known as the "Historic Property Reinvestment Act," establishes tax credits for the rehabilitation of historic properties in New Jersey. It defines key terms such as "cost of rehabilitation" (the value of materials and services used for repairs), "qualified property" (a historic property listed on national or state registers, or designated by a municipality with state approval), and "rehabilitation" (repairing or reconstructing a property to preserve its historic, architectural, and cultural values while allowing for modern use). The act allows individuals to receive a tax credit of 25% of their rehabilitation costs for their principal residence, provided the costs meet certain thresholds and interior work doesn't exceed 60% of the total, with a maximum credit of $25,000 per property over ten years. Business entities can also receive a 25% tax credit on rehabilitation costs for qualified properties, with different rules for calculating the credit amount and a longer carryover period for unused credits. The bill also introduces a tax credit transfer program, allowing individuals and businesses to sell unused credits for private financial assistance, and sets annual limits on the total amount of tax credits that can be granted, with specific allocations for individual and business credits, and includes provisions for recapturing credits if the property's historic integrity is compromised after rehabilitation.