New Jersey’s state lawmakers recently introduced legislation that would make New Jersey the 31st state to offer a historic rehabilitation tax credit, aimed at helping revitalize historic buildings as well as spur job creation and economic growth. The program would be administered by the New Jersey State Historic Preservation Office, which already certifies projects for the federal historic tax credit for income-producing properties. The proposed bill would provide a credit against personal income or corporate business tax equal to 25 percent of the costs to complete the rehabilitation. Draft legislation was introduced in the NJ Senate (S 659) by sponsor Barbara Buono and in the State Assembly (A 1851) by Reed Gusciora. Similar legislation had been introduced in previous years, but faced opposition from former New Jersey governors. Read More…