NJ A3295

Establishes a 10% tax credit against New Jersey gross income tax or corporation business tax for developers who build or rehabilitate rental housing where all units are reserved for veterans

Approved costs eligible for the credit include land purchase, construction, rehabilitation, legal and professional fees, closing costs, site preparation, and interior finishing work

Rental housing units must be reserved for or occupied by veterans for a minimum of 15 years to qualify for the credit

Total tax credits granted to all developers are capped at $5 million per fiscal year, and credits cannot exceed a developer's total tax liability for the period

Developers must submit a project plan and application to the Department of Community Affairs to receive a certificate of eligibility, which is then filed with their tax return to claim the credit