Dec. 15, 2017 – Preservation New Jersey, a statewide non-profit that advocates for and promotes historic preservation as a sustainable strategy to protect and enhance the vitality and heritage of New Jersey’s richly diverse communities, has made policy recommendations to Governor Murphy’s administration that the organization hopes will result in a renewed commitment to the state’s historic assets. In a memo issued to Murphy’s transition team, PNJ provided the new administration with insights into the benefits of enacting a statewide historic preservation tax credit program.
Thirty-four states have a historic preservation tax credit. New Jersey is not one of them. Without a historic preservation tax credit, New Jersey is missing out on a proven tool for economic growth and revitalization. Between 1978 and 2015, the National Park Service’s federal Historic Tax Credit for income-producing buildings led to $28.1 billion in federal tax receipts, a significant net gain over the $23.1 billion in allocated credits. States that have their own historic preservation tax credits see similarly strong returns on investment at the local level. Currently, the Federal Historic Tax Credit program is in jeopardy of being cut or greatly reduced as part of tax reform efforts. Now, more than ever, it is important for New Jersey to adopt its own historic preservation tax credit program to bolster or potentially replace a federal program that has, since 2002, resulted in 151 projects totaling over $1 billion in total development in this state.
In 2011, the NJ Legislature passed the Historic Property Tax Credit Act with strong bipartisan support. However, included as part of the Democratic package for economic development, Governor Christie vetoed the state historic preservation tax credit. NJ Future and Preservation New Jersey worked together to formulate the attached white paper in support of a NJ historic tax credit, and will be working with previous sponsors and supporters to put forward a new bill in the next legislative session. PNJ asked that, when presented with legislation, the Murphy administration support this important tool preservation and revitalization tool.Read HTC White Paper