Allows taxpayers to utilize alternative method of depreciation of certain expenditures in connection with construction of new affordable housing developments.

This bill modifies New Jersey tax law to allow developers building new affordable housing to use an alternative depreciation method for construction costs. It directly affects developers constructing qualifying affordable housing projects, defined as developments with at least 20% units for households earning ≤80% of regional median income. The key provision lets taxpayers depreciate a percentage of eligible construction costs over 10 years, calculated as 2 multiplied by (affordable units divided by total units in the development). This change applies to projects starting construction after the bill's effective date, with costs incurred for developments placed in service after 2024.