NJ S3545

Provides a refundable gross income tax credit equal to 25% of rehabilitation costs for homeowners who restore historic properties listed on the National Register, New Jersey Register, or designated by the Pinelands Commission

Requires rehabilitation expenditures to be at least 50% of the property's equalized assessed value, with no more than 60% of costs attributable to interior work

Caps the credit at $25,000 per property over any ten-year period, with a total program cap of $15 million in approved credits statewide

Requires homeowners to occupy the rehabilitated property as their principal residence for 12 consecutive months following completion; credit recapture applies on a declining scale if architectural standards are violated within five years

Mandates a report to the Governor and Legislature by December 31 of the fourth year after enactment evaluating program effectiveness and geographic distribution of credits