From Preservation Action:
Last month, New Jersey Governor Phil Murphy, signed the Historic Property Reinvestment Act into law, officially creating a state historic tax credit. The bill created a 40% tax credit for qualified rehabilitation expenses that can be applied toward business and insurance premium taxes. The credit has a $50 million program cap and a $2 million per project cap. This officially makes New Jersey the 39th state to establish a state level historic tax credit program!
The program does include some restrictions on the credit, such as a requirement that the project most demonstrate that the credit is strongly needed in order to finance the project. New Jersey is also the first state to incorporate a prevailing wage requirement. Advocates are working to establish an appropriate threshold for the prevailing wage requirements, so it doesn't keep smaller scale projects from being able to take advantage of the credit.
Congratulations to all of the preservation advocates across New Jersey and organizations like Preservation New Jersey for their tireless efforts to get this important bill across the finish line.
Unless noted, the thoughts and opinions expressed in the article are solely that of the
author and not necessarily the opinion of the editors of PreservationDirectory.com.