New Jersey Senate Committee Approves Bill to Encourage Rehabilitation of Historic Properties

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New Jersey Senate Committee Approves Bill to Encourage Rehabilitation of Historic Properties

by Donald M. Pepe on April 2, 2012

A bill aimed to encourage New Jersey homeowners and New Jersey businesses to rehabilitate historic properties by providing tax credits is making its way through the state Senate. Sponsors of the Historic Property Reinvestment Act (S-141) hope that providing tax credits will facilitate job growth in the construction industry as well as preserve the state’s heritage.

“New Jerseyans need jobs and this bill accomplishes that, especially in the construction industry. Spurring economic growth is also a priority and this bill accomplishes that too,” said Senator Barbara Buono (D-Middlesex). “It also boosts property values and encourages homeowners and businesses to invest in properties that may typically remain vacant and underused in austere times like these.”...

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Published In: Commercial Real Estate Updates, Residential Real Estate Updates, Tax Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Donald Pepe, Scarinci Hollenbeck, LLC | Attorney Advertising

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