TRENTON – The Historic Property Reinvestment Act sponsored by Senators Barbara Buono and Shirley K. Turner that would encourage homeowners and businesses to rehabilitate historic properties by providing tax credits for some of the costs associated with restoration was approved today by the Senate State Government, Wagering, Tourism and Historic Preservation Committee.
The lawmakers said providing tax credits would spur job growth in the construction trades, as has been seen in the 31 other states with similar programs, and is vital to preserving 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 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.”