Bill > S1626

This bill, known as the "Historic Property Reinvestment Act," establishes tax credits for individuals and business entities that rehabilitate historic properties in New Jersey. The act 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 historic property to allow for modern use while preserving its historic features). Individuals who own and occupy a qualified property as their principal residence can receive a credit of 25% of their rehabilitation costs, provided these costs meet a certain threshold relative to the property's assessed value and interior work doesn't exceed 60% of the total cost, with a maximum credit of $25,000 per property over ten years. Business entities can also receive a 25% credit against various business taxes for rehabilitating qualified properties, with different eligibility criteria and carryover provisions for unused credits. The act also includes a tax credit transfer program allowing unused credits to be sold for private financial assistance, and establishes annual caps on the total amount of credits that can be granted, with specific percentages allocated to individual and business entity projects, and outlines rules for recapturing credits if the property's historic integrity is compromised within five years of rehabilitation. Finally, the bill mandates a report on the program's effectiveness and includes provisions for its implementation and effective dates.