Increases the annual tax credit limit for qualified projects under the Neighborhood Revitalization Tax Credit Program in New Jersey.
This bill raises the annual limit of total tax credits certified for qualified projects under the Neighborhood Revitalization Tax Credit Program from $15 million to $65 million. It allows credits up to 100 percent of approved assistance for nonprofit organizations implementing qualified neighborhood preservation and revitalization projects. The credit may be applied against various business-related income taxes, but not if the business entity is receiving credit under any other provision.
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