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.

Get involved...

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.

1. Find your legislator
2. Personalize and send this sample letter

Past Efforts

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)