New Jersey Considers Green Building Tax Credit

A Green Building Tax Credit Act, a seven-year program that would provide an incentive package to companies that use sustainable building practices, has been introduced in the New Jersey Senate and Assembly, according to a report in the Record (Hackensack, N.J.).

If the act is approved, New Jersey would join more than 30 states that require or encourage builders to follow green building guidelines set down by the U.S. Green Building Council’s Leadership in Energy and Environmental Design (LEED) program.

Under the proposed act, if a building is construction to green standards, the developer can receive tax credits from corporate business, income, sewer and water taxes. In addition, the developer would be eligible for additional tax credits of up to 6 percent of allowable costs for pursuing higher certification levels of LEED certification—Silver, Gold or Platinum, according to the report.