This bill proposes tax credits for both corporation business tax (CBT) and gross income tax (GIT) for taxpayers who incur qualified construction costs related to projects at abandoned commercial building sites in New Jersey. The tax credit is limited to the lesser of 25% of the total qualified construction costs or $1,000,000. To qualify, taxpayers must apply to the Division of Taxation for certification, demonstrating that the project meets the bill's requirements and that the construction has been completed. The bill also stipulates that the cumulative total of tax credits awarded cannot exceed $5 million.

Additionally, the bill mandates the Division of Taxation to adopt necessary rules and regulations for implementation and requires a report summarizing the effectiveness of the tax credit in incentivizing the replacement of abandoned commercial buildings with new constructions to be submitted to the Governor, State Treasurer, and Legislature within a year after the credits expire. The bill aims to promote the development of commercial buildings while preserving farmland by encouraging the reuse of existing commercial sites rather than converting agricultural land into commercial properties.