NJ S892

Creates tax credits against New Jersey's Corporation Business Tax (CBT) and Gross Income Tax for taxpayers who demolish abandoned commercial buildings and construct new commercial buildings in the same location.

Tax credit equals the lesser of 25% of total demolition and construction costs or $500,000 per project.

Defines "commercial building" as a building of at least 100,000 square feet used for commercial purposes.

Caps the cumulative total of all tax credits awarded under this program at $5 million, with unused credits carried forward for up to seven years.

Requires the Division of Taxation to certify eligibility and submit a report to the Governor, State Treasurer, and Legislature evaluating the program's effectiveness in replacing abandoned commercial buildings.