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News November 2018

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New Jersey takes steps towards passing state historic preservation tax credit

November 23, 2018

New Jersey is one of the few states that does not offer a state level historic preservation tax credit. Preservation advocates have been trying to pass a tax credit for decades. They got close in 2011, when it made it to then Governor Christie’s desk, only to be vetoed. The Murphy administration may be the best shot to get a bill passed. Governor Murphy has announced his support for a tax credit, including it in the Economic Development Plan he outlined in October. One bill has been proposed in the Assembly and two in the Senate. As they wind their way through the legislative process, those who support the measure should contact their state representatives. Preservation New Jersey has details on the different bills and a sample letter on their website.

“Plenty of Backers for Big Tax Credit to Rehabilitate Historic Properties in NJ,” njspotlight.com, October 19, 2018. 

Rendering of Bell Labs courtesy of Bell.works