NJ S659

Tax credit equal to 35% of qualified solar energy system expenditures for both corporation business tax and gross income tax, with annual caps of $5,000 for residential properties, $350 per unit for apartment buildings, and $500,000 for commercial/industrial properties.

Qualified expenditures include purchase or 10-year lease of solar equipment, power purchase agreements of at least 10 years, and related materials, labor, architectural/engineering services, and installation costs.

Commissioner of Environmental Protection must certify expenditures within 90 days of complete application; unused credits may be carried forward for seven years.

Total credits capped at $25 million statewide per fiscal year across both tax types, with applications processed in order received if cap is exceeded.

Program applies to the five privilege periods and taxable years following enactment.