This bill creates a tax credit for developers building or renovating affordable housing in New Jersey. It directly affects project sponsors (developers) who construct or substantially renovate qualifying homes sold at affordable prices to eligible homeowners earning 140% or less of the state's median household income. The credit equals the difference between reasonable development costs and the affordable sale price, capped at 35% of development costs or 80% of the state's median new home price. To qualify, projects must be in designated census tracts and certified by the New Jersey Housing Agency, with homes sold as primary residences.
This bill exempts surviving spouses and surviving civil union partners of disabled veterans from New Jersey's realty transfer fees. Specifically, it applies when the veteran qualified for a property tax exemption at death under existing law (C.54:4-3.30) for their home. The exemption covers both the basic state fee and the supplemental fee for selling a one- or two-family home they owned and occupied. It directly affects eligible veterans' spouses/partners who lose their home sale tax burden, aligning their treatment with current exemptions for disabled homeowners. The change amends existing fee exemption statutes to include this group.
This bill authorizes proportional property tax exemptions for New Jersey veterans with service-connected disabilities of 25% or higher, based on their disability percentage (up to 100%). It directly affects honorably discharged veterans with specific disabilities (like paraplegia, blindness, or amputations) and their surviving spouses under defined conditions. Key provisions include a $15,000 cap for partial exemptions and require the state to reimburse municipalities 102% of the tax loss from these exemptions annually. The law amends existing property tax exemption rules and adds new administrative requirements for tax assessors and county boards.
This bill establishes a New Jersey tax credit program to encourage businesses to hire and retain employees with developmental disabilities. Employers qualify for a credit of $1 per hour worked (up to $2,000 per employee annually), provided the employee works at least 500 hours in the state and the employer meets eligibility requirements like offering qualifying health insurance. The program is funded with a $2 million annual cap, administered by the Division of Developmental Disabilities, and requires employers to apply yearly by January 15. It directly affects New Jersey employers and individuals with developmental disabilities meeting the defined criteria (including autism, cerebral palsy, or intellectual disabilities).
This bill prohibits New Jersey from awarding state-funded contracts (for goods, services, or public construction) or development subsidies to "inverted domestic corporations" - defined as companies deemed to have moved operations overseas to avoid U.S. taxes under federal IRS rules (Section 7874). It requires all applicants to certify they are not inverted corporations and mandates annual status verification for subsidy recipients. If a recipient becomes an inverted corporation during a subsidy term, they must repay the full subsidy amount. The ban does not apply if compliance would violate federal law or block federal funding.
This bill (S 1750) requires New Jersey's Governor to include an annual, detailed report in the state budget message analyzing all tax breaks (known as "tax expenditures"). The report must list every tax break, show estimated revenue losses for past/current/future fiscal years, assess whether each break achieves its stated goals, and track who benefits - including whether benefits exceed 10% of a recipient’s tax bill. It also mandates evaluating how tax breaks affect tax fairness and requires businesses receiving tax benefits to provide data for analysis. This directly affects corporations, individuals, and entities benefiting from New Jersey’s tax breaks, as they may need to supply data for the report.
This bill creates a tax incentive program for New Jersey manufacturers. It allows qualifying manufacturers (those with 50 or fewer employees in good tax standing) to deduct up to $100,000 annually from their taxable income for deposits into a special "manufacturing reinvestment account." Funds in the account earn tax benefits: if used for machinery/equipment or workforce training at their New Jersey facility, the earnings are taxed at half the standard rate. The program applies for five consecutive years, with unused funds taxed at full rate after that.
This bill requires developers seeking long-term property tax exemptions (e.g., for urban renewal projects) to submit a cost-benefit analysis showing impacts on local government revenues and services, including effects on schools and municipal budgets. Municipalities must publish these analyses online within 30 days. It also mandates the state Department of Community Affairs to create a public database tracking all approved tax exemption agreements, including their financial details, sorted by municipality. The law directly affects developers, municipalities, and local taxing districts (like school boards) involved in tax exemption decisions. It aims to increase transparency around tax exemption approvals without changing the exemption process itself.
This bill provides tax incentives for historic diners and restaurants in New Jersey that meet specific criteria. To qualify, an establishment must have operated continuously for at least 25 years (including pandemic-related closures), qualify as a small business, comply with health/safety rules, and (for restaurants) be family-owned. The bill creates an annual registry managed by the Division of Travel and Tourism, granting approved operators a 12-month sales tax exemption on prepared food/beverages sold for on-site consumption and corporation business/gross income tax credits. These benefits directly support qualifying historic eateries by reducing their tax burden.
This bill reinstates an annual sales tax exemption for specific school and recreational items purchased by individuals for non-business use. It exempts computers under $3,000, school computer supplies under $1,000, school supplies (like notebooks and art materials), school instructional materials (textbooks, workbooks), and sport/recreation equipment (gloves, skates, etc.) during a defined 10-day period each year. The exemption period runs from 12:01 a.m. on the ninth day before the first Monday in September through 11:59 p.m. on that Monday. The bill takes effect immediately upon enactment and applies to sales during exemption periods starting at least 30 days after enactment.
