New Jersey Enacts Exemption for Sales of Items and Services Used in Certain Affordable Housing Projects

Effective May 1, 2024, New Jersey has enacted a sales and use tax exemption for sales of materials, supplies, and services for certain affordable housing projects. The exemption applies to sales made to contractors or repairmen of materials, supplies or services for exclusive use in erecting structures or building on, or otherwise improving, altering or repairing real property of housing sponsors engaged in affordable housing projects where all of the units are restricted for occupants with moderate, low, or very low incomes, as defined in New Jersey’s Fair Housing Act (P.L. 1985, c.222). Any person seeking to qualify for the exemption should do so pursuant to New Jersey’s rules and regulations. (Ch. 3 (A.B. 1495), Laws 2024, effective May 1, 2024)

Posted on May 1, 2024