New Jersey Lawmakers Combine, Advance State HTC Legislation
Legislators in New Jersey combined two bills that would create a state historic tax credit (HTC) to reimburse taxpayers for 25 percent of their renovations over a 10-year period. The legislation was unanimously reported out of the Wagering, Tourism and Historic Preservation Committee. There would be a $25,000 project cap for homeowners and no cap for the business HTC, although there would be annual program caps of $15 million in 2019, $25 million in 2020, $40 million in 2021 and $50 million annually beginning in 2022. SB 1740 and SB 2031 would require business owners to spend at least $5,000 to receive the credit and limit homeowners to spending no more than 60 percent of the costs on the interior of the property. The legislation is similar to a proposal made by Gov. Phil Murphy during an Oct. 1 speech.