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, capped at $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 homeowner must occupy the property as their principal residence for at least twelve consecutive months following the completion of the rehabilitation.

The bill also outlines the responsibilities of the State Historic Preservation Officer and the Director of the Division of Taxation in administering the program, including the requirement to submit a report detailing the tax credits granted and their effectiveness within four years of the act's enactment. The total amount of tax credits approved under this program is limited to $15 million. The act aims to promote the rehabilitation of historic properties while ensuring that the process is regulated and monitored for effectiveness.