SB3725 Summary

• Extends the personal property tax replacement income tax credit for investments in qualified property from December 31, 2018 to December 31, 2024.

• Allows taxpayers to claim the credit for costs incurred on or after the bill's effective date and on or before December 31, 2024, including costs under binding contracts entered into during this period.

• Applies to qualified property placed in service by taxpayers engaged in manufacturing, mining, retailing, or located in River Edge Redevelopment Zones.

• Takes effect immediately upon becoming law.