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

The "Homeowners' Historic Property Reinvestment Act" (S 2391) allows New Jersey homeowners who live in and rehabilitate qualifying historic properties to claim a tax credit against their state income tax. Homeowners can receive a credit equal to 25% of eligible rehabilitation costs - such as repairs preserving historical features - if the property is listed on the National Register of Historic Places, New Jersey Register, or locally designated as historic under approved criteria. To qualify, the rehabilitation must meet specific cost thresholds (at least 50% of the property’s assessed value, with no more than 60% for interior work), and the homeowner must occupy the property as their primary residence for 12 consecutive months after completion. The credit is capped at $25,000 per property over a 10-year period and requires certification from the State Historic Preservation Officer.