The “Historic Property Reinvestment Act” (A1311 & S1740/S2031) is scheduled to be heard on Thursday, October 18, 2018 by the the Senate State Government, Wagering, Tourism & Historic Preservation Committee. We feel this legislative session may just be the time to get this passed. The currently proposed bill is the same legislation that both the Senate and Assembly passed in 2011 with strong bipartisan support, only to be vetoed by then Governor Christie. Now, Governor Murphy has demonstrated interest in moving forward with a statewide historic tax credit in the Urban and Regional Growth Transition Report released in January 2018, and in a more recent October 2, 2018 Economic Development Plan announcement. A mere two weeks after the Governor’s announcement, the Senate State Government, Wagering, Tourism & Historic Preservation Committee scheduled this hearing.
Preservation New Jersey and its partners have been advocating for a statewide historic tax credit program for decades. A statewide historic tax credit program will provide homeowners and commercial property owners with an economic incentive to help revitalize older neighborhoods and historic downtowns, create thousands of skilled jobs and reuse historic structures by providing a State tax credit for their rehabilitation. Similar tax credit programs in other states, such as Maryland and Missouri, have generated net tax revenue to the state. The historic rehab tax credit is an especially effective Smart Growth economic development tool to help restart investment in the housing market.
Get involved…
You can show your support for the Historic Preservation Investment Act by sending an e-mail or letter to the Senate Committee and your legislators:
- Attend the hearing and provide testimony. The Senate State Government, Wagering, Tourism & Historic Preservation Committee will meet at 1:00PM in Committee Room 7, 2nd Floor, State House Annex, Trenton, NJ;
- Send this sample email (download) to the Senate State Government, Wagering, Tourism & Historic Preservation Committee by the morning of October 18, 2018;
and/or - Find your legislator, then personalize and e-mail or mail this sample letter (download) to ask for their support and co-sponsorship
More information to personalize your email/letter can be found on PNJ’s Historic Tax Credit webpage and white paper.