Legislation Would Create State HTC for New Jersey

Friday, January 17, 2020 - 11:15am

A bill was pre-filed in the New Jersey state Senate to create 25 percent state historic tax credits (HTCs) for homeowners and business owners. S. 412 would create a business owner HTC that would be taken against the corporation business tax or insurance premium tax liabilities. The overall state HTC would have an annual cap of $15 million the first year, $25 million the second year, $40 million the third year and $50 million thereafter–with at least 25 percent allocated to taxpayers for the rehabilitation of a home in which the taxpayer lives for at least 12 consecutive months after the rehabilitation. The homeowner HTC would have a $25,000 per-property cap over 10 years.