New Jersey S2297 provides tax credits for solar energy system expenditures on residential, commercial, and industrial properties.
New Jersey S2297 provides corporation business tax and gross income tax credits for certain solar energy system expenditures. To qualify, taxpayers must file an application for certification from the Commissioner of Environmental Protection. The bill outlines specific credit amounts: $5,000 for residential properties, $350 per unit for apartment buildings, and $500,000 for commercial and industrial properties. The commissioner has 90 days to determine if expenditures qualify for the credit. The credit amount cannot exceed 50% of the tax liability.
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