S 1799 New Jersey Senate · 2026-2027 Regular Session

Increases annual limit of total tax credits certified for qualified projects under Neighborhood Revitalization Tax Credit Program.

This bill increases the annual cap on tax credits available for neighborhood revitalization projects in New Jersey from $15 million to $65 million. It directly affects businesses that fund qualified neighborhood preservation projects, allowing them to claim larger tax credits against certain business taxes. The key change is raising the total credit limit per fiscal year and adding a carryover provision: if credits aren't fully used in one year, the unused amount rolls over to the next year. This expands funding flexibility for projects under the Neighborhood Revitalization Tax Credit Program, which supports community development through private investment.

Bill status in committee 1 of 4 stages cleared

Introduction

Jan 2026

Committee Review

Floor Vote

Governor

Introduced Jan 13, 2026 Last action Mar 5, 2026

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What changed between versions

Technical Review Of Prefiled Bill → Introduced · 4 edits · Jan 13, 2026

MODERATE

The bill moved from technical review status to introduced status, with a legislative statement added that describes its core purpose: increasing the annual cap on Neighborhood Revitalization Tax Credits from $15 million to $65 million and adding a carryover mechanism for unused credits. A co-sponsor (Diegnan) was also removed. The substantive policy content of the bill itself did not change between these versions.

SCOPE

A legislative statement was added explaining that the bill increases the annual tax credit cap under the Neighborhood Revitalization Tax Credit Program from $15 million to $65 million.

FISCAL

The statement describes a carryover provision: if credits certified in a fiscal year are less than the allowed total, the Commissioner of Community Affairs certifies the remaining amount, and the next fiscal year's cap equals $65 million plus the prior year's unused certified amount.

TECHNICAL

Senator Diegnan was removed from the list of co-sponsors.

Bill status changed from 'As reported by the Senate Community and Urban Affairs Committee with technical review' to 'Introduced Pending Technical Review by Legislative Counsel.'

Floor votes

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Full legislative history

Actions timeline

Total actions

Key actions

Committee

Mar 5, 2026

Committee

Referred to Senate Budget and Appropriations Committee

upper

Jan 13, 2026

Introduced

Introduced in the Senate, Referred to Senate Community and Urban Affairs Committee

upper

2 primary · 3 co-sponsors