This bill provides tax credits to developers who build affordable housing projects in designated "distressed neighborhoods" - specifically census tracts within municipalities facing economic hardship where median family income is below 80% of the statewide average. The tax credit applies to qualifying projects in these areas, as defined by the bill's amendments to existing law. Developers must meet specific affordability requirements and operate within neighborhoods identified as needing economic development assistance. The policy directly affects housing developers and aims to incentivize affordable housing construction in targeted communities.
The Green Building Tax Credit Act provides tax credits to New Jersey businesses and property owners who construct or retrofit buildings meeting specific green building standards. The credit equals 4% of eligible construction costs plus an additional 0.5% to 2.0% based on the building’s LEED certification level (Certified to Platinum), with costs capped at $280 per square foot. Eligible expenses include construction, design, and site improvements but exclude items like computers, fuel cells, and land purchases. The credit reduces taxes under several New Jersey tax acts and requires a state report on program usage within six years.
This New Jersey bill (A 3401) expands the state's child tax credit to include children aged 6-11, who were previously ineligible. It increases credit amounts for all children under 12 over two years: for example, taxpayers with income under $30,000 will receive $500 (2023-2024) or $600 (2025+) for children aged 6-11, and $750 (2023-2024) or $1,000 (2025+) for children under 6. Credits phase out completely for taxpayers earning over $80,000 annually and are refundable if exceeding tax liability. The bill directly affects New Jersey residents with children in these age groups who file state taxes.
This bill creates tax credits for businesses manufacturing equipment for advanced nuclear facilities and establishes a program to incentivize new nuclear energy construction in New Jersey. Manufacturers of nuclear components licensed by the U.S. Nuclear Regulatory Commission can claim a 15% tax credit on qualifying equipment and facility improvements, with increased rates (25%) for relocating businesses or certified minority/women/veteran-owned businesses. The New Jersey Advanced Nuclear Energy Development Program, administered by the Economic Development Authority, will award tax credits to developers who demonstrate economic feasibility, locate projects at existing nuclear sites, meet environmental standards, pay prevailing wages, and contribute 20% of project costs. Developers must also commit to obtaining U.S. Nuclear Regulatory Commission licenses by 2023-2030. The bill directly affects nuclear manufacturers and facility developers, with credits applied against state business taxes.
S 2581 establishes a tax credit program in New Jersey to incentivize employers to hire and retain individuals in recovery from substance use disorder. Employers must become "certified" by partnering with treatment providers, offering qualifying health insurance, and meeting other criteria to qualify for the program. Certified employers can claim a tax credit of $1 per hour worked by eligible employees, up to $2,000 per employee annually, for part-time or full-time employment. The program, administered by the Division of Mental Health and Addiction Services, allocates up to $2 million yearly and requires employers to verify employee eligibility and recovery status. This bill directly affects New Jersey employers seeking tax incentives and individuals with substance use disorder seeking stable employment.
S 1569 creates tax benefits for New Jersey taxpayers aged 18-71 who contribute to "lifelong learning accounts" designed for education expenses. It excludes up to $2,500 in annual employer contributions and account earnings from gross income, and provides a 50% tax credit (up to $500) for individual contributions. Distributions used for qualified education expenses (like tuition, books, or training courses) remain tax-free, while non-qualified withdrawals incur a 5% penalty. The bill defines strict account rules, including annual contribution limits, prohibitions on investments in life insurance or collectibles, and requirements for account administration.
This bill provides a one-time tax credit to New Jersey organic farmers who paid certification fees between May 30 and December 31, 2022. Eligible farmers receive a credit equal to the difference between fees paid to private certification companies and fees paid to the state Department of Agriculture during that period. The credit applies to farmers certified by both systems (state and private) and meeting federal organic standards. It covers only the 2022 certification period and does not create ongoing tax benefits.
S 860 provides New Jersey corporations a 20% tax credit for costs of new manufacturing equipment and facility renovations, modernizations, or expansions at eligible manufacturing sites within the state. It directly affects businesses operating in New Jersey that qualify as "manufacturing facilities" (defined as locations where over 50% of property is manufacturing equipment). The credit applies to equipment used in producing taxable goods and facility upgrades, with unused credits carryable forward for up to seven years. The bill excludes these investments from other tax credits like the New Jobs Investment Credit and limits the total credit to 50% of tax liability.
This bill allows small New Jersey businesses with fewer than 20 employees to claim tax credits when they pay for their workers' health insurance premiums. Employers get up to $250 per employee for single coverage or $500 for family coverage if they pay 100% of the premium, with proportional credits for partial payments (50-99%). The health plan must meet federal Affordable Care Act standards for essential benefits. Credits cannot exceed the actual premiums paid and expire after the tax year - no carryover to future years. It applies to both corporate business tax and gross income tax credits.
This bill creates a program to help mental health professionals working with children and adolescents in New Jersey reduce student loan debt. It provides two direct financial incentives: (1) up to $1,000 per year in loan redemption payments (capped at four years total) for licensed professionals employed full-time in this field, and (2) a $1,000 tax credit against state income tax for qualifying professionals. To qualify, participants must be New Jersey residents, hold relevant licenses, maintain full-time employment serving minors, and have outstanding eligible student loans. The program is administered by the Higher Education Student Assistance Authority and requires annual proof of residency and employment. The bill is pending before the Senate Higher Education Committee.
