Superstorm Sandy left a profound and lasting impact to individuals and businesses in New Jersey and the tri-state region.
In March of 1962, a vicious coastal storm devastated the New Jersey coast and destroyed much of the coastline and homes, businesses and other structures.
In a case of potentially far reaching implications, the Third Circuit Court of Appeals in Historic Boardwalk Hall, LLC v. Commissioner of Internal Revenue 1 reversed the U.S. tax court’s decision and issued a decision considered to be a seminal ruling on use of the Federal Historic Rehabilitation tax credit (Historic Tax Credit).
Chapter 91 is a New Jersey law that when wielded properly by tax assessors can stealthily kill meritorious commercial tax appeals.
The legislative process in New Jersey becomes very interesting in the month of June when all legislative and executive eyes focus on the budget proposal and deals may be struck on other pieces of legislation to build support for the budget.
In the past, we have written and presented on various tax credit programs.
The latest allocation is expected to be released this month for the federal New Markets Tax Credit (NMTC) program.
During the lame duck session, a bill designed to speed up the land approvals process for the wireless industry advanced through the New Jersey Legislature.
Sitting quietly in the bill queue for the 2012-13 session of the New Jersey Legislature, A1450 and S141 are companion bills, identical in content, that seek to spur redevelopment by incenting the rehabilitation of historic structures as well as structures located within historic districts and certified by the Pinelands or designated by New Jersey’s State Historic Preservation Office (SHPO) as a significant resource.
In last month’s issue, we reported on S3033, which at the time had been passed by both houses of the New Jersey Legislature.