SB3745 Summary

• Caps aggregate historic preservation tax credits at $3,000,000 per single qualified rehabilitation plan, with a total annual authorization of $15,000,000 available for allocation.

• Changes credit award timing from project review to completion of the project and approval of a complete application by the State Historic Preservation Office.

• Prohibits taxpayers from receiving credits under both the Historic Preservation Tax Credit Act and the River Edge Redevelopment Zone property credit for the same qualified expenditures or rehabilitation plan.

• Extends the timeline for demonstrating reviewable progress from 18 months to 24 months after allocation notification, with possible 5-month extension if financing and construction are imminent.

• Adds limited liability companies to the list of entities (along with S-corporations and partnerships) whose members can claim the credit on a pro rata basis or pursuant to executed agreements.