This bill amends the Neighborhood Revitalization Tax Credit Program by increasing the annual limit of total tax credits that can be certified for qualified projects from $15 million to $65 million. It stipulates that if the total amount of tax credits certified in a fiscal year is less than the new cumulative limit, the Commissioner of Community Affairs will certify the remaining tax credits available for that fiscal year. In the following fiscal year, the total amount of tax credits permitted to be approved will equal the sum of $65 million plus any remaining certified amount from the previous year.

Additionally, the bill outlines eligibility criteria for business entities seeking tax credits, including the requirement that they provide funding for approved qualified projects. It specifies that credits can be applied against various business-related taxes and sets a cap on the credit amount that can be claimed in any taxable year at $1 million or the total tax otherwise payable, whichever is lower. The bill also clarifies that credits cannot be claimed for activities already receiving credits under other provisions.

Statutes affected:
Introduced: 52:27D-492