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.
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