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

This bill, S 3545 "Homeowners' Historic Property Reinvestment Act," allows New Jersey homeowners to claim a 25% tax credit against their state income tax for qualifying rehabilitation costs on historic properties. It directly affects homeowners who own and occupy a historic property (listed on the National or New Jersey Register of Historic Places, or locally designated) as their principal residence for 12 months after work is completed. Key provisions require rehabilitation costs to be at least 50% of the property’s assessed value, with no more than 60% of the total cost covering interior repairs. The credit applies only to properties meeting these specific historic preservation criteria, not to rental properties or vacation homes.