U.S. Senator Robert Menendez (D-NJ) last week introduced legislation (S. 3212) to provide tax incentives for the construction of “green” buildings. At press time the text of the measure has not been available on the Senate website; however, reports indicate that the Green Building Tax Credit would offer a refundable 30 percent tax credit that is earned the year the project is completed and placed in service for the construction of buildings that:
- meet certain energy-efficiency and density criteria
- are located within a half-mile proximity to public transportation
- and reserve at least 5% of its units for affordable housing at 60% of AMI.
The program is expected to create approximately 255,000 jobs. The measure has been referred to the Senate Committee on Finance. Senator Menendez is a member of the Committee and sits on its Subcommittee on Taxation, IRS Oversight, and Long-Term Growth.
