All Roll Calls
Yes: 167 • No: 30
New JerseyA3128220th Legislature (2024-2025)HouseWALLET
Authorizes HMFA to use certain tax credits; directs HMFA to conduct tax credit auctions to provide financial assistance for certain housing purposes.*
Sponsored By: Craig J. Coughlin (Democratic), Linda R. Greenstein (Democratic), Eliana Pintor Marin (Democratic), M. Teresa Ruiz (Democratic), Nicholas P. Scutari (Democratic), Troy Singleton (Democratic), Shirley K. Turner (Democratic), Benjie E. Wimberly (Democratic)
Signed by Governor
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Bill Overview
Analyzed Economic Effects
3 provisions identified: 1 benefits, 1 costs, 1 mixed.
Housing credits count toward statewide cap
The law counts housing auction tax credits toward a shared $11.5 billion limit over nine years. This cap covers the combined credits awarded across the listed New Jersey incentive programs. It limits the total credits available to participating businesses and other recipients, rather than setting each recipient’s award.
Tax credit auctions fund housing help
The law gives New Jersey’s Housing and Mortgage Finance Agency $200 million in Brownfield program tax credits to auction. All auction proceeds must support authorized housing assistance for low- and moderate-income housing and middle-income workforce housing. Middle-income workforce housing serves households earning 80%–120% of area median income. These credits are exempt from the requirements and conditions of the New Jersey Economic Recovery Act of 2020.
Film credit cash payments face yearly limits
New Jersey pays 95 cents per dollar when buying qualifying film and digital media tax credits. Original applications must be approved on or after January 1, 2026. Certificates must be issued at least one year before the purchase application and issued to, or trace back to, a New Jersey studio partner. State fiscal-year purchase caps are $80 million in 2026, $160 million in 2027, $240 million in 2028, and $200 million each year afterward. Credits above a year’s remaining limit move to the next fiscal year, subject to that year’s cap. Payments require full constitutionally required public-school funding and full required contributions to state-administered retirement systems. The annual budget must also maintain a surplus of at least 12% of combined General Fund and Property Tax Relief Fund appropriations.
Sponsors & Cosponsors
Sponsors
Craig J. Coughlin
Democratic • House
Linda R. Greenstein
Democratic • Senate
Eliana Pintor Marin
Democratic • House
M. Teresa Ruiz
Democratic • Senate
Nicholas P. Scutari
Democratic • Senate
Troy Singleton
Democratic • Senate
Shirley K. Turner
Democratic • Senate
Benjie E. Wimberly
Democratic • Senate
Cosponsors
Atkins, Reginald W.
Affiliation unavailable
Alixon Collazos-Gill
Democratic • House
Angela V. McKnight
Democratic • Senate
Ellen J. Park
Democratic • House
Shanique Speight
Democratic • House
Anthony S. Verrelli
Democratic • House
Roll Call Votes
Senate vote • 6/30/2025
3RDG FINAL PASSAGE
Yes: 26 • No: 13
House vote • 6/30/2025
CONCUR IN SA
Yes: 68 • No: 11
House vote • 2/12/2024
3RDG FINAL PASSAGE
Yes: 73 • No: 6
Actions Timeline
Approved by Governor — P.L.2025, c.111.
7/22/2025GovernorPassed Assembly, PBH — (68-11-0)
6/30/2025HouseReceived in Assembly, 2RAC
6/30/2025HousePassed Senate — (26-13)
6/30/2025SenateSubstituted for S4071/3155 (SCS)
6/30/2025SenateREP/SCA, 2nd Reading in Senate
6/26/2025SenateReferred to Senate Budget and Appropriations Committee
5/6/2024SenateReported, 2nd Reading in Senate
5/6/2024SenateReceived in Senate, Referred to Senate Community and Urban Affairs Committee
2/12/2024SenatePassed Assembly — (73-6-0)
2/12/2024HouseReported, 2nd Reading in Assembly
2/8/2024HouseREP/ACA, Referred to Assembly Appropriations Committee
1/29/2024HouseIntroduced, 1st Reading in Assembly, Referred to Assembly Housing Committee
1/9/2024House
Bill Text
Corrected Copy
10/1/2025
Version AL2025
8/25/2025
Senate Budget and Appropriations (6/26/25 2R)
7/1/2025
Senate Budget and Appropriations Substitute (6/26/25 1R)
6/27/2025
Assembly Housing (1/29/24 1R)
5/10/2024
Senate Community and Urban Affairs Substitute (5/6/24 1R)
5/7/2024
As Introduced
5/3/2024
Assembly Appropriations Substitute (2/8/24 1R)
2/9/2024
2/7/24; 1R
2/7/2024
Assembly Housing Substitute (1/29/24)
1/30/2024
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