"Green Building Tax Credit Act."

This New Jersey bill creates tax credits for developers and building owners who construct or retrofit buildings to meet specific green building standards. The credits equal 4.0% of allowable construction costs plus an additional 0.5-2.0% based on LEED certification level (Certified to Platinum), with costs capped at $280 per square foot. The program has annual spending limits of $20 million in the first year and $50 million for each of the next six years, with unused funds rolling over. To qualify, buildings must meet specific requirements for energy efficiency, materials, indoor air quality, water conservation, and other environmental standards, which will be adopted by the Department of Community Affairs within one year of the bill's enactment.