Loading chat...
NJ A3365
Bill
Status
1/9/2024
Primary Sponsor
Yvonne Lopez
Click for details
AI Summary
-
Allows taxpayers to depreciate a percentage of capital expenditures for constructing new affordable housing developments over a 10-year period under both the Corporation Business Tax and Gross Income Tax
-
The depreciable percentage is calculated using the formula: 2 × (number of affordable housing units ÷ total housing units in the development)
-
Qualifying developments must have at least 20% affordable housing units (income-restricted to households at or below 80% of regional median income) and construction must commence after the bill's effective date
-
Developments receiving tax abatements under the Long Term Tax Exemption Law or affordable housing subsidies from the Department of Community Affairs, NJ Housing and Mortgage Finance Agency, or municipal trust funds are ineligible
-
Applies to affordable housing developments placed in service during tax years beginning January 1, 2025 and thereafter
Legislative Description
Allows taxpayers to utilize alternative method of depreciation of certain expenditures in connection with construction of new affordable housing developments.
Substituted by another Bill
Last Action
Substituted by S1422 (2R)
3/18/2024