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New Jersey Committee Approves Bill to Establish State LIHTC

Friday, June 9, 2000 - 1:45AM

An effort to create a New Jersey state tax credit has moved one step closer to passage. The New Jersey Senate Budget and Appropriations Committee unanimously approved S.1137, the new bill sponsored by state Sens. Joseph Kyrillos (R) and Bernard Kenny (D) that would establish a state tax credit for New Jersey, June 8. Under the bill, any housing sponsor that has received federal low-income housing tax credits (LIHCs) would be eligible to apply to the state allocating agency for state LIHCs. The New Jersey Housing Finance Agency would be responsible for allocating state tax credits, the total of which could not exceed $10 million in a fiscal year. The bill will now move to the full Senate for consideration. To access S.1137, click here.

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