Sunday, October 21, 2018

Many support big tax credit bill for historic rehabilitation

Credit: Woodblaster.com

Homeowners and developers would be eligible for the incentive that could be worth up to 25 percent of the cost of a qualified project
John Reitmeyer reports for NJ Spotlight:
A new tax credit for the rehabilitation of historic properties that state lawmakers have been trying to establish in New Jersey for nearly a decade is a step closer to becoming a reality.
A proposed historic-preservation tax incentive for both homeowners and developers was approved on a bipartisan basis by members of a key state Senate panel yesterday.
A tax credit for the rehabilitation of historic properties has the strong backing of Gov. Phil Murphy, who highlighted the role that the revival of such properties, particularly in urban communities, could play in a broader reinvention of the state economy during a recent economic-development policy speech. The proposed tax break also has full backing from the state’s historic preservation community.
“Nationally, there are many examples where the renovation of an eyesore has become a catalyst for new redevelopment,” said Katherine Ng, a trustee for the New Jersey Historic Trust.
Under the version of the bill that was approved unanimously yesterday by the Senate State Government, Wagering and Historic Preservation Committee, the historic-rehabilitation tax credit could be worth up to 25 percent of the cost of a qualified project. The bill lists several criteria for a property to be eligible for the tax credit, including those “individually listed, or located in” the National Register of Historic Places or the New Jersey Register of Historic Places.

$25,000 over ten years for residents

But also permitted to qualify for the tax incentives would be those “individually identified or registered, or located in a district composed of properties identified or registered, for protection as significant historic resources in accordance with criteria established by a municipality.” The bill goes on to say any properties “located within a district, certified by the (historic preservation) officer as contributing to the historic significance of the district” would also qualify.


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