Senate Government committee releases ‘Historic Property Reinvestment Act’

TRENTON – A bill to provide tax credits for the costs of rehabilitating historic properties in the state was released by a 3-0-2 vote at the State Government, Wagering, Tourism and Historic Preservation Committee on Monday.

Gov. Christie has previously vetoed similar legislation, and the two Republican members of the committee abstained from the vote.

The Historic Property Reinvestment Act (S141), sponsored by Sen. Barbara Buono, (D-17), Edison, provides tax credits for the costs of rehabilitating historic properties in the state.

To qualify, properties need to be individually listed on the National Register of Historic Places or the New Jersey Register of Historic Places, or designated by the Pinelands Commission as a historic resource of significance to the Pinelands.

The cumulative amount of tax credits approved cannot exceed $15 million in fiscal year 2013, $25 million in fiscal year 2014, $40 million in fiscal year 2015, and $50 million in fiscal year 2016 and beyond, according to the bill.

Sen. Shirley Turner, (D-15), Trenton, said the bill would be an excellent way to “put people back to work,” adding that providing tax credits would help the unemployment rate through construction jobs.

Buono said she hopes the governor will sign off on the bill this time around.

“It should be an easy choice,” Buono said at the hearing. “It’s a tax credit that spurs renovation of historic properties.”

Thirty-three other states have similar legislation, Buono said.  

 

Senate Government committee releases ‘Historic Property Reinvestment Act’