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New Jersey Legislation Would Create Homeowner HTC

Wednesday, January 31, 2024 - 12:43PM

A bill introduced in the New Jersey Senate would create a homeowner historic tax credit (HTC) worth 25% of qualified rehabilitation expenditures (QREs). Under S.B. 2391, no more than 60% of the QREs could be for the interior of the property and the building would be required to be the homeowner’s principal residence for 12 consecutive months following completion. The credit would have a project cap of $25,000 over a 10-year period and a statewide cap of $15 million. New Jersey currently has an HTC for income-producing properties.

The Novogradac Historic Rehabilitation Handbook provides an overview of the HTC and delves into the intricacies of the incentive.

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