Interview with Aidita Milsted, Director of Historic Preservation at NJEDA Emily Manz, Executive Director of Preservation New Jersey interviews Aidita Milsted, Director of Historic Preservation at NJEDA Emily: Aidita, can you tell me a little about your life? Where did you grow-up? Aidita: I ... » Learn More about Interview with Aidita Milsted, Director of Historic Preservation at NJEDA
Historic Tax Credits
New Jersey is one of 39 states in the nation offering a state historic tax credit program. Historic tax credits are offered under the Historic Property Reinvestment Act, a component of the New Jersey Economic Recovery Act of 2020, a seven-year, $14 billion package of incentive programs intended to encourage New Jersey job growth, property development and redevelopment, community partnerships, and numerous other economic development initiatives. The Act was signed into law by Governor Phil Murphy on January 7, 2021. The purpose of the program is to support transformative rehabilitation projects of qualified historic properties.
2018/19 NJ State Legislative Session
A1311 & S1740/S2031: “Historic Property Reinvestment Act”; provides credits against certain taxes for certain costs of rehabilitating historic properties.
The legislation authorizes an income tax credit for a portion of the rehabilitation costs of qualified historic owner-occupied residential and commercial properties.
- The bill was introduced in the Assembly and referred to the Agriculture and Natural Resources Committee on January 9, 2018. No hearings have been scheduled for the Assembly bill.
- A companion bill was introduced in the Senate and referred to the State Government, Wagering, Tourism & Historic Preservation Committee on February 28, 2018. The Senate bill was reported favorably out of the State Government, Wagering, Tourism & Historic Preservation Committee on October 18, 2019, and was referred to the Budget and Appropriations Committee. PNJ testified in favor of the legislation at this meeting. No further action has been taken on the Senate bill since October 2018.
- PNJ made statements in support of a historic preservation tax credit to the Murphy Transition Team in a December 15, 2017 Memo. Support for a statewide historic tax credit was included in then Governor-elect's Urban and Regional Growth Transition Report, and in a October 2, 2018 Economic Development Plan announcement by the Governor. The Governor subsequently released proposed alternative HTC legislation. PNJ, in collaboration with AIA-NJ and the National Trust for Historic Preservation, have reviewed the draft proposal and issued comments to the Governor's office and the NJ Economic Development Agency.
You can show your support for the Historic Preservation Investment Act by sending an e-mail or letter to your legislators, asking them to support and co-sponsor the bill.
In 2011, the New Jersey Senate and Assembly passed The Historic Property Reinvestment Act with strong bipartisan support. However, it was part of the Democratic package for economic development, and Governor Christie vetoed it. The 2011 attempt was the closest NJ got to enacting statewide historic tax credit legislation, as efforts in prior Legislative Sessions were unable to gain passage through both houses.
Historic Tax Credits Nationwide
Federal Historic Tax Credit
The federal Historic Tax Credit (HTC) was created in 1978 as an incentive to catalyze economic development through the restoration and reuse of America’s historic buildings. Since its inception, the HTC has been a widely used redevelopment tool, helping revitalize cities, towns and rural communities all across the country and to date has rehabilitated more than 42,000 buildings. More info
State Historic Tax Credits
Thirty-five states in the country offer credits against state taxes to provide incentives for the appropriate rehabilitation of historic buildings. In most cases these tax credits take a similar form to the very successful federal income tax credit for historic rehabilitation.
National Trust for Historic Places - State HTC Resource Doc (as of Sept 2018)
NJEDA Board Approves Proposed Rules for the New Historic Property Reinvestment Program TRENTON, N.J. (February 9, 2022) – The New Jersey Economic Development Authority (NJEDA) Board today approved proposed rules for the Historic Property Reinvestment Program (HPRP), a new tax credit ... » Learn More about NJEDA Board Approves Proposed Rules for the New Historic Property Reinvestment Program
NJ's State Historic Tax Credit ProgramEmily ManzMarch 30, 2021Preservation New Jersey has been at the forefront of advocating for a historic tax credit in New Jersey for over a decade. Our organization has testified to support legislation at the State House, organized letter writing campaigns, ... » Learn More about New Jersey’s State Historic Tax Credit
A Conversation with Tim Sullivan, CEO, New Jersey Economic Development Authority Thursday February 18th, 10AM via Zoom Watch Recording of Session For over a decade, Preservation New Jersey has been a leader in advocating for a state historic tax credit in New Jersey. Our organization has published ... » Learn More about The Historic Property Reinvestment Act
It’s Time to Invest in NJ’s PastCourtenay MercerExecutive Director, Preservation New Jersey February 24, 2020The OpEd was originally published by NJ Spotlight.New Jersey’s past is its future — and preserving historic sites from our past is the best way to build a future for generations to come.The ... » Learn More about It’s Time to Invest in NJ’s Past
Historic Tax Credits – NJ Update Michael Hanrahan Principal, Clarke Caton Hintz February 1, 2020 “The National Trust for Historic Preservation envisions a future where leaders who make decisions impacting our built environment consider the reuse of historic buildings as an essential strategy to ... » Learn More about Historic Tax Credits – NJ Update
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 ... » Learn More about Policy Action Alert – NJ Historic Tax Credit
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 ... » Learn More about PNJ champions State HTC in letter to Murphy Transition Team