Provides CBT and GIT credits for completion of qualified residential housing projects at abandoned commercial building sites.

S 4131 provides New Jersey corporation business tax (CBT) and gross income tax (GIT) credits for developers who complete residential housing projects on abandoned commercial building sites. The credit covers up to 25% of qualified construction costs (capped at $1 million) for projects involving new construction at demolition sites or converting rehabilitating, or repurposing existing abandoned commercial buildings (defined as structures over 100,000 sq ft). Taxpayers must apply to the Division of Taxation for certification proving project completion and costs before claiming the credit, and the bill requires a 5-year report evaluating the credit's effectiveness in revitalizing abandoned sites.