New Jersey Tax Division Issues 2024 Tax Law Summaries

The New Jersey Division of Taxation April 12 issued a 2024 tax law summary of legislative changes. The publication includes: 1) a law that took effect March 20 allowing taxpayers to use an alternative method to calculate depreciation deduction of eligible expenditures; 2) an amendment that adds sales and use tax exemption for affordable housing projects effective for sales made on or after May 1; 3) a law that took effect March 20 that adds a property tax exemption under the Fair Housing Act; and 4) a law that took effect March 26 that revises the transportation fund authority act ...