Budget & Taxes (Tax Credits)

This bill creates a tax credit for businesses developing anaerobic digestion facilities that process food waste in New Jersey. It allows eligible taxpayers to claim a credit equal to up to 50% of facility development costs or $250,000 per facility, whichever is lower, against their corporation business tax. The credit is available for six years, with a total cap of $15 million in combined credits statewide. The policy directly affects businesses constructing these facilities, aiming to incentivize investment in infrastructure that converts food waste into biogas while excluding donated food and consumer waste from eligibility.

This bill creates a New Jersey state tax credit to help offset college costs. It provides a $750 credit for full-time tuition and maintenance payments (for the taxpayer or a dependent under 22) and a $375 credit for part-time attendance (with at least six credits per semester). The credit is applied against the taxpayer's gross income tax liability, directly benefiting families or individuals paying for New Jersey county college education. It aims to make community college more affordable by reducing the tax burden associated with these costs.

This bill creates a New Jersey tax credit for first-time homebuyers purchasing eligible homes during specific periods. It provides a credit equal to 5% of the home price (up to $15,000) for homes used as a principal residence for 36 consecutive months. The program has a total funding cap of $100 million, allocated across four terms with separate limits for new homes and previously occupied homes. The credit is applied over three tax years, and applicants must pre-qualify through the state director's office before purchase.

S 623 bans the sale and use of gas-powered leaf blowers with two-stroke engines after two years and restricts four-stroke models in residential areas after four years, allowing limited non-residential use only during March 15-May 15 and October 15-December 15. It exempts gas blowers used for pest management applications and imposes penalties: $500-$1,000 for businesses and $25 for individuals for violations. The bill also creates a 50% tax credit (up to 50% of purchase cost, including batteries) for homeowners and businesses replacing gas blowers with electric models, valid for five years after the bill’s effective date. This directly affects residents, property managers, and landscaping businesses operating in New Jersey.

This bill (S 2489) creates a state tax credit for developers who build affordable housing projects in designated "distressed neighborhoods" or "deep poverty pockets" in New Jersey. It directly affects developers constructing housing that meets federal low-income standards (affordable to households earning ≤50% of regional median income) within specific census tracts identified as economically distressed. The key mechanism provides a tax credit to offset development costs, targeting areas with high poverty (20%+ poverty rate) or low median family income (≤80% of state average). The credit applies to projects in designated distressed municipalities or specific zones like Garden State Growth Areas, with eligibility defined by the bill's new provisions. The bill amends existing state housing incentive law to add this tax credit mechanism.