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New Jersey Publishes Proposed Rules for State HTC Incentive

Friday, February 11, 2022 - 9:00AM

The New Jersey Economic Development Authority approved proposed rules for the state historic tax credit (HTC) incentive this week, allowing comment and eventual adaptation before the end of 2022. The state HTC was enacted in legislation passed in early 2021. Proposed regulations cover the incentive, under which most properties are eligible for tax credits worth up to 40% of eligible costs, with a maximum of $4 million per property. Properties in qualified incentive tracts or government-restricted municipalities are eligible for a 45% credit, with a maximum of $8 million. Transformative projects are eligible for credits of up to 45% with a maximum of $50 million. The state credit is subject to an annual cap of $50 million per year over six years. Comments are due by May 20.

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

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