New Jersey bill provides tax credits for construction projects at abandoned commercial building sites.

New Jersey A4068 provides corporation business tax and gross income tax credits for qualified construction projects at abandoned commercial building sites. The bill defines a commercial building as one of at least 100,000 square feet used for commercial purposes. A qualified construction project includes demolition, construction, debris removal, remediation, or repurposing of an abandoned commercial building. The tax credit is capped at 25% of qualified construction costs or $1,000,000, whichever is less. The cumulative total of tax credits awarded cannot exceed $5 million.

New Jersey bill provides tax credits for construction projects at abandoned commercial building sites.

New Jersey A4068 provides corporation business tax and gross income tax credits for qualified construction projects at abandoned commercial building sites. The bill defines a commercial building as one of at least 100,000 square feet used for commercial purposes. A qualified construction project includes demolition, construction, debris removal, remediation, or repurposing of an abandoned commercial building. The tax credit is capped at 25% of qualified construction costs or $1,000,000, whichever is less. The cumulative total of tax credits awarded cannot exceed $5 million.