"Homeowners' Historic Property Reinvestment Act"; allows homeowners to claim credit against gross income tax for certain costs of rehabilitating historic properties.

This bill allows New Jersey homeowners who rehabilitate qualifying historic properties to claim a 25% tax credit against their state income tax, capped at $25,000 per property over ten years. To qualify, properties must be listed on the National or New Jersey Historic Register, and homeowners must occupy the property as their primary residence for 12 months after rehabilitation. The credit requires rehabilitation costs to meet specific thresholds (at least 50% of the property’s assessed value) and limits interior work to no more than 60% of total costs. The program has a total cap of $15 million in annual credits and requires certification from the State Historic Preservation Officer.