New Jersey S 3025: Provides service credit for PERS member for former membership in transit retirement program.

Bill Text

S3025 

SENATE, No. 3025 

STATE OF NEW JERSEY

222nd LEGISLATURE

� 

PRE-FILED FOR INTRODUCTION IN THE 2026 SESSION

Sponsored by:

Senator BENJIE E. WIMBERLY

District 35 (Bergen and Passaic)

Senator SHIRLEY K. TURNER

District 15 (Hunterdon and Mercer)

SYNOPSIS

���� Grants credit against business income taxes to 
developer of rental housing reserved for occupancy by veterans.

CURRENT VERSION OF TEXT 

���� Introduced Pending Technical Review by Legislative 
Counsel.

�� 

An Act granting a tax credit to developers of certain housing 
for veterans and supplementing Title 52 of the Revised Statutes.

���� Be It 
Enacted by the Senate and General Assembly of 
the State of New Jersey:

���� 1.��� The Legislature finds 
and declares that:

���� a.���� As of 2023, 338,012 
veterans live in New Jersey.

���� b.��� Repeated and extended 
deployments in the conflicts in Iraq and Afghanistan have made it especially 
difficult for military personnel serving since September 11, 2001 to find 
housing suited to their unique situations.

���� c.���� Veterans have served 
our country in times of war and peace, sharing a common belief in a cause 
higher than self.

���� d.��� Veterans are valuable 
members of communities across New Jersey, and their experience serving their 
country has endowed them with unique and valuable experience.

���� e.���� The State and the 
nation owe much to those who have chosen to serve in the Armed Forces.

���� f.���� It is essential to the 
public good to encourage the development of stable, decent housing for New 
 Jersey's veterans.

���� 2.��� As used in this act: 

���� "Approved costs" 
means the expenditures by a developer for the production of qualified housing 
for veterans, and may include amounts paid or incurred for: the purchase of 
land or any remediation costs; construction or rehabilitation; commissioning 
costs; interest paid during the construction or rehabilitation period; legal, 
architectural, engineering, and professional fees allocable to construction or 
rehabilitation; closing costs for construction or mortgage loans; recording 
taxes and filing fees incurred with respect to construction or rehabilitation; 
site costs, such as temporary electrical wiring, scaffolding, demolition costs, 
and fencing and security facilities; and costs of carpeting, partitions, walls 
and wall coverings, ceilings, lighting, plumbing, electrical wiring, and 
ventilation, provided that such costs shall not include the cost of telephone 
systems and computers other than electrical wiring costs in a project.

���� "Commissioner" means 
the Commissioner of Community Affairs.

���� "Department" means 
the Department of Community Affairs.�� "Developer" means a person or 
entity, including but not limited to a partnership or corporation, engaging 
development of a property.

���� "Development" means 
construction, reconstruction, conversion, structural alteration, relocation, 
rehabilitation or enlargement of any building or other structure, site 
remediation, and any use or change in the use of any building or other 
structure, or land or extension of use of land, for which permission may be 
required pursuant to the "Municipal Land Use Law," P.L.1975, c.291 
(C.40:55D-1 et seq.).

���� "Qualified Housing for 
Veterans" means any new project to construct, reconstruct or rehabilitate 
residential rental property in which all of the units are occupied or reserved 
for occupancy by a veteran.� Any property shall not be treated as failing to be 
residential rental property merely because part of the building is used for 
purposes other than residential purposes.

���� "Veteran" means a 
person who served on federal 
active duty in the United States Armed Forces, National Guard, 
or a reserve component thereof, and who was discharged or released therefrom 
under conditions other than dishonorable.

���� 3.��� a.� A developer shall be 
granted a tax credit for its approved costs in creating qualified housing for 
veterans. 

���� b.��� The amount of the credit 
shall be 10 percent of the approved costs in the building or project.

���� c.���� The developer receiving 
the credit shall be allowed a credit against 
the tax liability imposed pursuant to the provisions of the �New 
Jersey Gross Income Tax Act,� N.J.S.54A:1-1 et seq., or the Corporation 
Business Tax Act (1945), P.L.1945, c.162 (C.54:10A-1 et seq.).

���� d.��� The credit allowed to a 
developer under this section may not exceed the total amount of tax otherwise 
payable by the developer for the developer�s tax accounting period.

���� e.���� A credit shall not be 
allowed for activities for which the developer is receiving credit under any 
other provision against any State tax on business-related income.

���� f.���� Credits granted to 
developers pursuant to this section, in the aggregate, shall not exceed $5 
million in any fiscal year.

���� g.��� The amount of credit 
granted under this act to a New Jersey S corporation or an