Bill
Bill > A2165
NJ A2165
NJ A2165Grants credit against business income taxes to developer of rental housing reserved for occupancy by veterans.
summary
Introduced
01/29/2018
01/29/2018
In Committee
01/29/2018
01/29/2018
Crossed Over
Passed
Dead
01/08/2020
01/08/2020
Introduced Session
2018-2019 Regular Session
Bill Summary
This bill would establish a tax credit for New Jersey housing developers who construct homes for New Jersey veterans. This legislation would provide a credit against an entity's business taxes. The bill permits a developer to receive a non-refundable credit against New Jersey business taxes. The credit amount is calculated based on the developer's expenditures to create rental housing restricted to occupancy by veterans. The bill provides that expenditures for a wide array of construction and real estate development activities are "allowable costs" that qualify for a credit. The credit amount may be up to 10 percent of the developer's allowable costs for developing veterans' housing. To receive a credit, the developer must submit both a project plan and an application to the Department of Community Affairs. The Department of Community Affairs will issue a certificate of eligibility, which the developer will file with the developer's tax return to obtain the credit. The Commissioner of the Department of Community Affairs will develop regulations to administer the credit program in conjunction with the Division of Taxation and the Department of Military and Veteran's Affairs.
AI Summary
This bill establishes a tax credit for New Jersey housing developers who construct rental homes reserved for occupancy by veterans. The credit is calculated as 10% of the developer's allowable costs, which include expenses for construction, rehabilitation, and other real estate development activities. To receive the credit, developers must submit a project plan and application to the Department of Community Affairs, which will issue a certificate of eligibility. The credit can be claimed against the developer's New Jersey business taxes, and the total amount of credits granted is capped at $5 million per fiscal year. The bill also requires the Department of Community Affairs to develop regulations to administer the credit program in coordination with the Division of Taxation and the Department of Military and Veteran's Affairs.
Committee Categories
Military Affairs and Security
Sponsors (8)
Daniel Benson (D)*,
Verlina Reynolds-Jackson (D)*,
Benjie Wimberly (D)*,
JoAnn Downey (D),
Joseph Egan (D),
Thomas Giblin (D),
R. Bruce Land (D),
Cleopatra Tucker (D),
Last Action
Introduced, Referred to Assembly Military and Veterans' Affairs Committee (on 01/29/2018)
bill text
bill summary
Loading...
bill summary
Loading...
bill summary
| Document Type | Source Location |
|---|---|
| BillText | https://www.njleg.state.nj.us/2018/Bills/A2500/2165_I1.HTM |
| Bill | https://www.njleg.state.nj.us/2018/Bills/A2500/2165_I1.PDF |
Loading...