NJ A4068

Creates tax credits against New Jersey Corporation Business Tax (CBT) and Gross Income Tax (GIT) for qualified construction projects at abandoned commercial building sites, including demolition, new construction, debris removal, environmental remediation, or repurposing.

Credits are capped at the lesser of 25% of qualified construction costs or $1,000,000 per taxpayer, with unused credits carrying forward for up to seven years.

Applies to commercial buildings of at least 100,000 square feet, with a cumulative program cap of $5 million across all tax credits awarded.

Requires taxpayers to complete construction projects before applying and obtain certification from the Division of Taxation to qualify for credits.

Aims to incentivize redevelopment of abandoned commercial sites rather than new construction on farmland, with a mandatory effectiveness report due one year after program expiration.