Provides CBT and gross income tax credits for replacement of abandoned commercial building with new commercial building.

This New Jersey bill (S 1374) provides tax credits to businesses that demolish abandoned commercial buildings (at least 100,000 sq ft) and construct new commercial buildings on the same site. Taxpayers can claim a credit equal to 25% of demolition and construction costs, capped at $500,000 per project, against either the state's privilege tax or gross income tax. To qualify, businesses must apply to the Division of Taxation for certification proving the building replacement occurred, and the credit requires documentation of costs. The total credits across all projects cannot exceed $5 million, and unused credits may be carried forward for up to seven years.