S 209 New Jersey Senate · 2024-2025 Regular Session

Provides CBT tax credit for retrofit of existing warehouses with solar-ready zone once solar panels are installed.

This bill provides a tax credit for businesses that retrofit existing warehouses (100,000+ square feet) with designated solar-ready zones, but only after solar panels are installed. The credit covers up to 50% of retrofit costs or $250,000 per warehouse, with a total limit of $25 million across all claims. To qualify, warehouses must meet size requirements, have a solar-ready zone (defined as at least 40% of roof area designated for solar panels), and have panels installed. Businesses must prove panel installation to claim the credit, which applies to up to eight warehouses per tax period.
Bill status in committee 1 of 4 stages cleared
Introduction
Jan 2024
Committee Review
Floor Vote
Governor
Introduced Jan 9, 2024 Last action Feb 5, 2024
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Full legislative history

Actions timeline

Total actions
3
Key actions
1
Committee
2
Feb 5, 2024
Committee
Referred to Senate Budget and Appropriations Committee
upper
Feb 5, 2024
Upper · Passed
Reported out of Senate Committee, 2nd Reading
upper
Jan 9, 2024
Introduced
Introduced in the Senate, Referred to Senate Environment and Energy Committee
upper
2 primary · 1 co-sponsor

Sponsors