November 2010


by: Stephanie Cherry-Farmer, PNJ Programs Director

Around 3:15pm this afternoon, the Historic Property Reinvestment Act (HPRA), bill A1851, was brought before the New Jersey Assembly for a floor vote. Prime Sponsor Assemblyman Reed Gusciora (D-District 15) gave eloquent testimony, after which, with no debate offered, the bill passed by a 60 – 13 vote.

The Historic Property Reinvestment Act (HPRA) would make New Jersey the 32nd state to offer a powerful historic rehabilitation tax credit to spur job creation and desperately needed economic growth. This tax credit has been proven to generate investment that vastly outweighs the amount of tax dollars given in credit, and will incentivise developers that are currently prioritizing projects in our neighboring states, almost all of which already have a state historic preservation tax credit.

PNJ is working hard to spur the NJ Senate to move companion bill S659, forward. Senator Jim Whelan’s(D- District 2) State Government, Tourism, Gaming and Historic Preservation Committee will first need to hear the legislation.  Preservation advocates and supporters of job creation and economic revitalization are urged to contact Senator Whelan, as well as Prime Sponsor Senator Barbara Buono, to encourage them to act quickly on HRPA.

Help us keep the ball rolling.

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The New Jersey Assembly has scheduled a “floor vote” for the long-proposed state historic rehabilitation tax credit bill, A-1851 at 1:00 p-.m. on Mon., Nov. 22, 2010.  The Historic Property Reinvestment Act (HPRA) would make New Jersey the 32nd state to offer a powerful historic rehabilitation tax credit to spur job creation and desperately needed economic growth.

The tax credit will provide homeowners and corporations with an economic incentive to help revitalize older neighborhoods and reuse historic structures by providing a State tax credit for their rehabilitation. The credit, if established, would:

  • Allow a credit on state income or corporate business taxes of 25% of the qualified costs of a historic rehabilitation
  • Parallel federal historic preservation 20% tax credit, creating more commercial development opportunities
  • Be Useful for both residential and commercial property, developers and homeowners (combined with federal credit for income producing properties only)

The job creation and economic stimulus that the credits already established in 31 states are measurable and significant.  Click here for more information.

Advocates are urged to contact their Assembly members immediately to indicate your support for HPRA.

The New Jersey General Assembly’s Appropriations Committee yesterday reported the Historic Property Reinvestment Act (HPRA) with  two minor amendments.  This means the long sought historic tax credit bill will move forward to the floor of the Assembly.  No date for a vote has been set.  Meanwhile, the Senate has yet to take up the bill (S659).  Sen. Jim Whelan’s (Atlantic City) State Government, Tourism, Gaming and Historic Preservation Committee will first need to hear the legislation.  Preservation advocates and supporters of job creation and economic revitalization are urged to contact Sen. Whelan, as well as prime bill sponsor Sen. Barbara Buono, to urge them to move HPRA forward.

The Assembly Appropriations Committee vote:
Pou, Nellie (C) – Yes
Addiego, Dawn Marie – Abstain
Barnes, Peter J., III – Yes
Chivukula, Upendra J. – Not Voting
Conaway, Herb, Jr. – Yes
DiMaio, John – Abstain
Greenwald, Louis D. – Yes
McKeon, John F. – Yes
Peterson, Erik – Abstain
Stender, Linda – Yes
Thompson, Samuel D. – Abstain
Vainieri Huttle, Valerie – Yes

 

The New Jersey Assembly Appropriations Committee has announced it will hold a hearing on HPRA, A1851, the proposed state historic preservation tax credit bill, on Mon., Nov. 8 at 2 p.m. in Committee Room 11, 4th floor, Statehouse Annex, in Trenton. This is the first time in nearly 15 years of efforts to see a state tax credit enacted in New Jersey that the Appropriations Committee has considered this important legislation.

Advocates are urged to call their legislators immediately to ask them to contact their colleagues on the Appropriations Committee.  And please reach out to Committee members (listed below) directly to urge their support for this proven job creating, economic revitalization tool!

Nellie Pou (Paterson),  Chair
Ruben Ramos, Jr. (Hoboken), Vice Chair
Dawn Marie Addiego (Medford)
Peter J. Barnes (Edison)
Upendra Chivukula, Jr. (Somerset)
Herb Conaway (Delran)
John DiMaio (Hackettstown)
Louis D. Greenwald (Camden)
John F. McKeon (West Orange)
Erik Peterson (Flemington)
Linda Stender (Scotch Plains)
Samuel D. Thompson (Matawan)

Legislative contact information is available from the webpage.

For more detailed information on HPRA, go to the Preservation New Jersey webpage>>.