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Legislation & Public Policy Issues in Preservation     


Legislation & Public Policy Issues in Preservation
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The New Jersey State Assembly will consider the “Historic Property Reinvestment Act”
Historic Preservation Blog from PreservationDirectory.com - The National Trust for Historic Preservation, Historic Property Reinvestment Act, New Jersey
Contributed By: The National Trust for Historic Preservation's Department of Public Policy
Website: http://www.preservationnj.org/site/ExpEng/index.php?/PNJSite/hpi_act

The New Jersey state assembly will consider a bill, the “Historic Property Reinvestment Act,” (A1851/S 659) on November 22nd that would create the state’s first-ever state rehabilitation tax credit.   Features of the new state rehab credit would include the following:

  • Property must be individually listed, or contributing to a district listed on the National Register or on the New Jersey Register of Historic Places.
  • Residential rental, commercial or any combination.
  • Rehabilitation must exceed the greater of the adjusted basis or $5,000.
  • Taxpayer includes owners and qualified long-term lessees, and the credit may be allocated by agreement among partners, members, owners, etc.
  • Tax credit will equal 25% of the qualified costs of rehabilitation and can be used against the personal and/or corporation business tax and other business taxes.
  • Tax credit can be used over a 10-year period
  • A one-time transfer of the tax credit is permitted.

If enacted, New Jersey would become the 32nd state to enact a historic rehab credit.  Additional information on the campaign to pass the New Jersey state rehab credit can be found at http://www.preservationnj.org/site/ExpEng/index.php?/PNJSite/hpi_act

Reprinted by permission of the Public Policy Department of the National Trust

 


Keywords: The National Trust for Historic Preservation, Historic Property Reinvestment Act, New Jersey

Posted: November 29, 2010
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