Wednesday, February 12, 2014
ASSEMBLY DEMOCRATS NEWS RELEASE
Wimberly, Prieto, Coughlin & Garcia Bill to Promote More Rental Housing for Veterans Released by Assembly Panel (TRENTON) – Legislation Assembly Democrats Benjie Wimberly, Vincent Prieto, Craig Coughlin and Carmelo G. Garcia sponsored to promote construction of more rental housing for veterans cleared an Assembly panel on Monday. The bill (A-1384) would establish a tax credit for New Jersey housing developers who construct homes for New Jersey veterans. The legislation would provide a credit against an entity's business taxes. The sponsors noted more than 630,000 veterans live in New Jersey, and more than 500,000 of these personnel are civilian veterans. “Repeated and extended deployments in the conflicts in Iraq and Afghanistan have made it especially difficult for military personnel to find housing suited to their unique situations,” said Wimberly (D-Passaic/Bergen). “Veterans have served our country in times of war and peace, sharing a common belief in a cause higher than self. It’s time we did something to help them with this basic need.” “Veterans are invaluable members of communities across New Jersey, and their experience serving their country has endowed them with unique and valuable experience,” said Speaker Prieto (D-Hudson/Bergen). “The state and the nation owe much to those who have chosen to serve in the Armed Forces. Let’s be there for them when they need a helping hand.” “It is essential to encourage the development of stable, decent housing for New Jersey's veterans,” said Coughlin (D-Middlesex). “They served bravely to protect us, and we must in turn do the right thing for them. This is the right thing to do.” “Our military returning home face many challenges as they readjust to civilian life,” said Garcia (D-Hudson). “Finding a place to live should not be one of them. Let us help our veterans make a home in New Jersey and become acclimated to society again by giving them the support they need and deserve to make it happen.” The bill permits a developer to receive a non-refundable credit against New Jersey business taxes. The credit amount is calculated based on the developer's expenditures to create rental housing restricted to occupancy by veterans. The bill provides that expenditures for a wide array of construction and real estate development activities are "allowable costs" that qualify for a credit. The credit amount may be up to 10 percent of the developer's allowable costs for developing veterans' housing. To receive a credit, the developer must submit both a project plan and an application to the Department of Community Affairs. The Department of Community Affairs will issue a certificate of eligibility, which the developer will file with the developer's tax return to obtain the credit. The Commissioner of the Department of Community Affairs will develop regulations to administer the credit program in conjunction with the Division of Taxation and the Department of Military and Veteran's Affairs. The bill was released by the Assembly Military and Veterans’ Affairs Committee.