New Jersey S1422 allows taxpayers to use an alternative method to depreciate certain expenditures related to new affordable housing developments.
New Jersey S1422 allows taxpayers to depreciate certain expenditures for new affordable housing developments over a ten-year period. This applies to both the Corporation Business Tax and the Gross Income Tax. The bill defines "affordable housing" as housing for households with income no greater than 80 percent of the regional median income. To calculate the percentage of eligible property expenditures that can be depreciated, taxpayers must use a specific formula. The Director of the Division of Taxation will create rules and regulations to implement this change.
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