The Historic Property Reinvestment Act (HPRA) was introduced in the 2012-2013 NJ legislature on January 10. While the bill appears to have been reintroduced somewhat routinely (as bills that did not pass during the previous legislature commonly are), it has begun making its way through committees again.
The Senate State Government, Wagering Tourism, and Historic Preservation Committee passed the bill, now S141/A1450, on March 5. Senate prime sponsor Sen. Barbara Buono (D-18) spoke passionately about the importance of preserving heritage and unique and historic places as the committee began consideration of the legislation. Walter Gallas, Director of the Philadelphia Field Office of the National Trust for Historic Preservation; Chris Sturm, Senior Director of State Policy with NJ Future; and Stephanie Cherry-Farmer, Senior Programs Director for Preservation NJ, detailed the proposed incentive’s job creation and fiscal impacts.
The Senate version now moves to consideration by the Senate Budget Committee, although there is no definitive timeline for this. The Assembly version of the bill awaits an initial hearing in the Assembly Environment and Solid Waste Committee.
While currently, PNJ has no indication that the administration has changed their views on this, we continue to seek additional information- we’ll also continue to keep you posted!