New Jersey S1799 raises the annual tax credit limit for qualified projects under the Neighborhood Revitalization Tax Credit Program.
New Jersey S1799 amends the Neighborhood Revitalization Tax Credit Program to increase the annual limit of total tax credits certified for qualified projects from $15 million to $65 million. This change allows more funding to be allocated to projects aimed at neighborhood revitalization. The credit can be applied against various business-related taxes, subject to certain limitations. The bill takes effect immediately upon enactment.
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