New Jersey S125 allows corporation business tax credits for redevelopment of distressed shopping centers.

New Jersey S125 establishes a corporation business tax credit program for developers who invest in improvements to distressed shopping centers. The New Jersey Economic Development Authority will certify developers and review applications. A distressed shopping center is defined as a privately owned commercial development with at least 35,000 square feet of retail space, having at least 35 percent vacancy for a year. Developers can claim a tax credit of up to $15,000, not exceeding 50 percent of the tax owed. The credit can be carried over to the next 10 privilege periods.

New Jersey S125 allows corporation business tax credits for redevelopment of distressed shopping centers.

New Jersey S125 establishes a corporation business tax credit program for developers who invest in improvements to distressed shopping centers. The New Jersey Economic Development Authority will certify developers and review applications. A distressed shopping center is defined as a privately owned commercial development with at least 35,000 square feet of retail space, having at least 35 percent vacancy for a year. Developers can claim a tax credit of up to $15,000, not exceeding 50 percent of the tax owed. The credit can be carried over to the next 10 privilege periods.