Exempts sales of materials, supplies, and services for affordable housing projects from New Jersey sales and use tax.
The bill amends the New Jersey Sales and Use Tax Act to exempt receipts from sales of materials, supplies, and services for certain affordable housing projects from sales and use tax. This applies to housing projects where all units are intended for occupants with moderate, low, or very low incomes. The exemption also applies to qualified businesses within an enterprise zone and housing sponsors who have obtained financing for housing projects and received other federal, state, or local subsidies. The changes take effect immediately upon enactment.
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