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New Jersey Releases Draft Rule Proposal for State HTC Regulations

Tuesday, December 21, 2021 - 9:45AM

The New Jersey Economic Development Authority (NJEDA) this month released a draft rule proposal for the state’s historic tax credit (HTC) program established under the New Jersey Economic Recovery Act of 2020. The NJEDA is seeking feedback on the rules for the HTC program, which has a $50 million annual cap for each of six years with awards of up to 40% of the qualified rehabilitation expenditures (QREs), with a maximum of $4 million. Properties in certain areas are eligible for credits of up to 45% of QREs with a maximum of $8 million.

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

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