S.2950

New Jersey S2950 provides tax credits for construction of residential housing on abandoned commercial sites.

New Jersey S2950 provides corporation business tax and gross income tax credits for qualified construction costs incurred by taxpayers for the completion of residential housing projects at abandoned commercial building sites. The tax credit is capped at the lesser of 25 percent of the qualified construction costs or $1,000,000. To qualify, taxpayers must apply to the Division of Taxation for certification that the project meets the bill's requirements and the amount of the tax credit.