Provides CBT and GIT credits for completion of qualified construction projects at abandoned commercial building sites.

This bill provides New Jersey taxpayers with corporation business tax (CBT) and gross income tax (GIT) credits for completing qualified construction projects on abandoned commercial building sites. The credits cover 25% of qualified costs (up to $1 million per project) for activities like demolishing abandoned buildings, constructing new commercial buildings on those sites, removing debris, or remediating environmental contamination. To qualify, taxpayers must apply for certification from the Division of Taxation, and the total credits awarded across all projects are capped at $5 million. The bill requires the Division of Taxation to report on the program's effectiveness in replacing abandoned commercial buildings with new construction within one year of the credits' expiration.