Provides CBT and GIT credits for undertaking of qualified moderate-income housing projects in certain distressed municipalities.

This New Jersey bill provides corporation business and gross income tax credits to developers who build moderate-income housing projects in financially distressed municipalities. The credits cover up to 25% of construction costs or $1 million, whichever is less, for projects where at least 80% of units are reserved for households earning 50-80% of the area's median income. To qualify, projects must be located in municipalities identified as "distressed" (such as those under financial supervision or receiving special aid) and cannot include commercial space. Developers can apply directly for the credits or transfer them to other taxpayers who owe state taxes, with sales required to be at least 75% of the credit value.