New Jersey S 1824: Permits payments in subsidized adoption until child becomes 21 years of age under certain circumstances.

Bill Text

S1824 

SENATE, No. 1824 

STATE OF NEW JERSEY

222nd LEGISLATURE

� 

PRE-FILED FOR INTRODUCTION IN THE 2026 SESSION

Sponsored by:

Senator TROY SINGLETON

District 7 (Burlington)

SYNOPSIS

���� "New Jersey Neighborhood Homes Investment 
Act"; establishes gross income tax credit for certain residential 
development.

CURRENT VERSION OF TEXT 

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

�� 

An Act establishing a gross income tax credit for certain 
residential development and supplementing P.L.1983, c.530 (C.55:14K-1 et seq.) 
and Title 54A of the New Jersey Statutes.

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

���� 1.� P.L.��� , c.��� (C.������� 
) (pending before the Legislature as this bill) shall be known and may be cited 
as the "New Jersey Neighborhood Homes Investment Act."

���� 2.� As used in P.L.��� , c.��� 
(C.������� ) (pending before the Legislature as this bill):

���� "Affordable sale" 
means a sale of a qualified residence to a qualified homeowner that meets the 
standards established in subsection g. of section 3 of P.L.��� , c.��� 
(C.������� ) (pending before the Legislature as this bill).

���� "Agency" means the 
New Jersey Housing and Mortgage Finance Agency.

���� "Eligible purchaser" 
means a purchaser of a qualified residence who commits to owning and using the 
qualified residence as the purchaser�s principal residence, and whose household 
income, as determined on the date when a binding contract for the affordable 
sale of the residence is entered, is 140 percent or less of the median 
household income for the State.� 

���� "Project sponsor" 
means a taxpayer that finances a qualified project in compliance with the rules 
and regulations of the agency.� 

���� "Qualified census 
tract" means a census tract that meets the standards established pursuant 
to subsection f. of section 3 of P.L. , c. (C. ) 
(pending before the Legislature as this bill).

���� "Qualified project" 
means a project certified by the agency to consist of the construction or 
substantial renovation of one or more qualified residences.� 

���� "Qualified 
homeowner" means an individual who owns and uses a qualified residence as 
the individual�s principal residence, and whose household income, as determined 
on the date when a binding contract for the affordable sale of the residence is 
entered, is 140 percent or less of the median household income for the 
metropolitan statistical area of the individual�s principal residence.

���� "Qualified 
residence" means a residence that meets the standards established in 
subsection e. of section 3 of P.L.��� , c.��� (C.������� ) (pending before the 
Legislature as this bill), that are committed for affordable sale in accordance 
with the rules and regulations of the agency.

���� "Reasonable development 
costs" means the amounts incurred for the acquisition of buildings and 
land, construction, substantial rehabilitation, demolition, of structures, and 
environmental remediation, to the extent that the agency determines that these 
amounts meet reasonable standards that are necessary to ensure the financial 
feasibility of such qualified residence.� 

���� "Substantial 
rehabilitation" means a rehabilitation of a qualified residence for costs 
that exceed the greater of $20,000 or 20 
percent of the amounts paid or incurred by the project sponsor for the 
acquisition of buildings and land with respect to the qualified residence, or 
other types of rehabilitations on qualified residences permitted by the rules 
and regulations of the agency.

���� 3.� a.� A taxpayer who is a 
project sponsor for a qualified project shall be allowed a credit against the 
tax otherwise due for the taxable year under the "New Jersey Gross Income 
Tax Act," N.J.S.54A:1-1 et seq., in an amount, except as is otherwise 
provided in paragraphs (1) or (2) of this subsection, that shall be equal to 
the amount by which the reasonable development costs of the qualified project, 
as approved by the agency exceed the amount to be paid by a qualified homeowner 
in an affordable sale.� In addition to the other limitations established by 
this subsection:

���� (1)� the tax credit shall not 
exceed 35 percent of the lesser of: (a) the reasonable development costs, or 
(b) 80 percent of the median sales price for a new home in the State, as 
determined by the agency; and

���� (2)� the agency shall adopt 
rules and regulations to establish an alternative calculation of the tax credit 
amount to be permitted for a substantial rehabilitation of a qualified 
residence that is owned by a qualified homeowner.� This tax credit shall not 
exceed the amount by which the reasonable development costs of the substantial 
rehabilitation exceed the increase in the assessed value of the qualified 
residence that results from the substantial rehabilitation.� The rules and 
regulations of the agency may allow the tax credit to the qualified homeown