The "Homeowners' Historic Property Reinvestment Act" establishes a tax credit program for homeowners in New Jersey who rehabilitate historic properties. Homeowners can claim a credit against their gross income tax equal to 25% of the rehabilitation costs, with a maximum credit of $25,000 per property over a ten-year period. To qualify, the rehabilitation costs must be at least 50% of the property's equalized assessed value, and no more than 60% of the total costs can be attributed to interior rehabilitation. Additionally, the property must be owned and occupied as the homeowner's principal residence for twelve consecutive months following the completion of the rehabilitation.

The bill also sets a cumulative cap of $15 million on the total amount of tax credits that can be approved. It mandates the State Historic Preservation Officer (SHPO), in consultation with the Director of the Division of Taxation, to prepare a report by December 31 of the fourth year after the act's effective date. This report will include details on the number and monetary amount of tax credits granted, their geographical distribution, an evaluation of their effectiveness in promoting historic property rehabilitation, and recommendations for potential improvements to the program.