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NJ S615
Bill
Status
Introduced
1/9/2024
Primary Sponsor
Latham Tiver
Click for details
AI Summary
- Creates a Corporation Business Tax (CBT) credit for taxpayers who retrofit existing warehouses with solar-ready zones, payable once solar panels are installed on the warehouse
- Credit amount is the lesser of 50% of retrofit costs or $250,000 per warehouse, with taxpayers able to claim credits for up to eight warehouses per tax year
- Warehouses must be at least 100,000 square feet and used primarily for storing goods intended for sale; solar-ready zones must cover at least 40% of eligible roof area
- Total program funding is capped at $25 million cumulative; unused credits may be carried forward for up to seven years
- Director of Taxation must certify eligibility and confirm solar panel installation before credits are awarded
Legislative Description
Provides a gross income tax deduction for veterinarian expenses.
Economic Growth
Last Action
Introduced in the Senate, Referred to Senate Economic Growth Committee
1/9/2024
Committee Referrals
Economic Growth1/9/2024
Full Bill Text
No bill text available