NJ S2950

Creates tax credits against New Jersey's Corporation Business Tax (CBT) and Gross Income Tax (GIT) for taxpayers who complete residential housing projects on abandoned commercial building sites.

Credit amount equals the lesser of 25% of qualified construction costs or $1,000,000 per project.

Qualifying commercial buildings must be at least 100,000 square feet; eligible projects include demolition and new construction, conversion, rehabilitation, or repurposing into residential housing.

Qualified construction costs cover demolition, debris removal, environmental remediation, and building repurposing expenses.

Unused credits may be carried forward for up to seven years, and the Division of Taxation must report on the program's effectiveness within five years of enactment.