Today, the New Jersey Senate Budget Committee passed the historic rehabilitation tax credit bill, the Historic Property Reinvestment Act (HPRA) and sent it to the full Senate for a final vote.  Senate prime sponsor Sen. Barbara Buono (Metuchen) spoke passionately and at length about the importance of preserving heritage and unique and historic places as the Committee began consideration of the legislation.  Questions from committee members about the job creation and fiscal impacts of the proposed financial incentive were fielded by speakers Hon, Mary-Anna Holden, Mayor of Madison, NJ and Preservation New Jersey President; Walter Gallas, Northeast Field Office Director of the National Trust for Historic Preservation; Trenton real estate developer David Henderson of HHG Development; and PNJ Executive Director Ron Emrich.

The 9 – 1 affirmative vote came with support from members of both parties.  The final hurdle for HPRA is a full Senate vote, probably in mid-January, plus a pro forma correcting vote in the Assembly.  The signature of Gov. Chris Christie would enact the long-awaited bill.

Advertisements

Momentum continues to build for HPRA, the proposed New Jersey state historic rehabilitation tax credit recently passed by the NJ Assembly (see previous post).  Sen. Barbara Buono, our prime sponsor in the Senate, has successfully gotten the bill – S659 – posted on the first relevant Senate committee’s agenda.

State Government, Tourism, Gaming & Historic Preservation Committee
Thurs., Dec. 9, 1:00 p.m.
Statehouse Annex, Committee Room 6, 1st floor (NB:  room assignments are subject to last minute changes)

Three of the five committee members are already co-sponsors (Sens. Shirley Turner (D-Trenton), Robert Gordon (D-Fair Lawn) and Anthony Bucco (R-Boonton).  Please consider making phone calls to chairman Sen. Jim Whelan (D-Atlantic City) and Sen. Thomas Goodwin (R-Hamilton Twsp.) to urge their affirmative vote.  Examples of potential projects that would benefit from the tax credit, and the jobs and economic activity that they would generate, continue to be powerful persuaders.  Personal testimony at the hearing, or letters of support addressed to the Committee chair, Sen. Whalen, are also needed.

Be aware that, again this year, the fiscal statement (the OLS estimate of what the proposed program would “cost”) is both negative and incorrect.  OLS refuses to acknowledge the overwhelming evidence from studies in many of the 31 states that already have tax credit programs showing as much as 8:1 return on investment to state treasuries.

You can find accurate fiscal impact information, detailed description of HPRA, links to the bills, reports on economic impacts as measured in 31 states having a similar credit, links to sponsors’ web pages, etc. at
http://www.preservationnj.org/site/ExpEng/index.php?/PNJSite/hpi_act

Please let us know of any feedback/response to calls or other outreach.

Meanwhile, we’re looking for an op-ed in the Star Ledger soon from National Trust President Stephanie Meek.

We’ll be blogging status updates right here.

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

 

Guest author:  William Hoffman, Esq., CityScape Capital Group

Don’t let your historic property vanish into history! Industry professionals will explore creative financing options and tax incentives for financing your project, as well as give insight on the current historic preservation marketplace at the “Making Cents of Historic Preservation” conference on October 19th at Rutgers University in New Brunswick, New Jersey.

– Speakers will highlight the current climate for historic preservation
– Hear the latest tips on financing options and tax incentives for historic preservation
– Topics: Federal Rehabilitation Tax Credits, Easements, New Market & Renewable Energy Tax Credits
– Insider updates on the industry, State Historic Tax Credit legislation and more.
– Network with multi-state professionals

This conference will provide immediately useful information for project owners, developers, lenders and preservation professionals, including historic site managers, attorneys, architects, consultants and accountants dealing with preservation projects and related investments.  NJ CLE application pending and AIA members may earn Learning Units by submitting a self-report.

Please send email to Beth Beatty (Beth@PreservationEasement.org) or call 609-524-4044 for additional information. Your $50 registration fee (students $20) includes all conference workshops and lunch. Fax completed registration forms to 856-795-9722; you may pay by check/cash at the door.

The Assembly Environment Committee has scheduled a hearing on the proposed state historic rehab tax credit bill (Historic Properties Revitalization Act, HPRA, A1851).   Join the NJ Heritage Development Coalition and advocates for jobs, economic development and preservation, on Thurs., May 13, 2:00 p.m. in Committee hearing room #9, 3rd floor, Statehouse Annex, West State St., Trenton.  For more information on the bill and proposed credit, click here>>. More info on the hearing on May 13, call Preservation NJ during regular business hours, at 609.392.6409.