New Jersey A4437 provides tax credits for moderate-income housing projects in distressed municipalities.
New Jersey A4437 provides corporation business and gross income tax credits for qualified moderate-income housing projects in certain distressed municipalities. The credits are for either 25 percent or $1 million of the qualified construction costs incurred by the taxpayer, whichever is less. To claim the credits, a taxpayer must submit an application to the Director of the Division of Taxation, demonstrating that the project meets the requirements. The credits can be carried forward if not fully used.
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