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

This bill allows homeowners in New Jersey to claim a 25% tax credit against their state income tax for costs of rehabilitating qualified historic properties. It directly affects homeowners who own and occupy as their primary residence a property listed on the National Register of Historic Places, the New Jersey Register of Historic Places, or a locally designated historic district. To qualify, rehabilitation costs must equal at least 50% of the property's equalized assessed value, with no more than 60% of costs covering interior work, and the total credit for a property is capped at $25,000 over ten years. The credit reduces the homeowner's tax liability for the year the credit is certified, with excess amounts refunded as overpayments.