The bill amends the Historic Property Reinvestment and Brownfields Redevelopment Incentive programs in New Jersey, introducing significant changes to enhance the effectiveness of these initiatives. It expands the definition of "cost of rehabilitation" to include all structural and soft costs associated with rehabilitation projects, while excluding costs related to increases in building volume. New definitions for "cost of facade rehabilitation," "exterior building features," and "facade rehabilitation project" are also established, clarifying the scope of work eligible for incentives. The definition of "qualified property" is broadened to include income-producing properties that meet specific historic significance criteria. Additionally, the tax credit structure is adjusted, increasing the percentage of eligible costs in certain areas from 45% to 60%, and reinforcing prevailing wage requirements for construction work.

Further amendments streamline the tax credit application process and introduce competitive allocation for facade rehabilitation projects, allowing up to 50% of credits to be designated for such projects. The bill also clarifies that work completed before the start of rehabilitation does not count towards the cost of rehabilitation and establishes documentation requirements for tax credit claims. In the context of the Brownfields Redevelopment Incentive Program, the bill enhances tax credits for remediation projects, increasing the maximum credits to 80% of costs in qualified incentive tracts. It mandates compliance with environmental and labor standards and allows for rolling applications unless demand exceeds availability, at which point a competitive review process will be implemented. Overall, these changes aim to promote the rehabilitation of historic properties and the remediation of brownfield sites in New Jersey.

Statutes affected:
Introduced: 34:1B-271, 34:1B-272, 34:1B-274, 34:1B-275, 34:1B-278, 34:1B-280, 34:1B-281, 34:1B-282, 34:1B-284, 34:1B-287