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NJ A1495
Bill
Status
3/20/2024
Primary Sponsor
Robert Karabinchak
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AI Summary
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Exempts from New Jersey sales and use tax all receipts from sales of materials, supplies, and services sold to contractors or repairmen for affordable housing construction projects
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Qualifying affordable housing projects must have 100% of units restricted to occupants with moderate, low, or very low incomes as defined under the Fair Housing Act (P.L.1985, c.222)
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Expands existing tax exemptions that already apply to certain nonprofit organizations, enterprise zone businesses, and housing projects financed through the NJ Housing and Mortgage Finance Agency
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Persons seeking the exemption must comply with rules, regulations, and forms prescribed by the director
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Takes effect on the first day of the second month following enactment (approved March 20, 2024) and applies to sales made on or after that date
Legislative Description
Exempts receipts from sales of materials, supplies, and services for certain affordable housing projects from sales and use tax.
Bills and Joint Resolutions Signed by the Governor
Last Action
Approved P.L.2024, c.3.
3/20/2024