NEW JERSEY — New Jersey’s new Home Improvement Products Act of 2017 may help revitalize a market that’s been hit hard by a recession and a flood of home improvements products over the last several years.
Chris Christie signed the bill Thursday, which would expand the Home Improvement Rebate Program to include homeowners, renters and businesses.
The rebate program, which started as a pilot program in 2015 and now has an annual cap of $50,000 for homeowners, would be expanded to help homeowners and renters make their own home improvement projects and renovate properties.
The program would also provide tax breaks to help lower-income homeowners and small businesses get started on projects.
The measure would also make it easier for businesses to get the rebates, which are tax-free.
The law would allow the state to waive any tax on a home improvement project that exceeds $2,000 and the homeowners and rental assistance program would get the rebate.
In 2016, Christie signed a bill that allowed the state government to set up a rebate program to help renters and homeowners pay for their home improvements.
That was aimed at making it easier to make purchases in the home improvement market.
Since then, there has been a surge in home improvement equipment purchases, said Chris Hinkle, a vice president at the New Jersey Home Improvement Association.
He said there were also a lot of renovations being done.
He said the rebate could help spur some of those renovations.
“We’ve seen an uptick in the number of people getting into home improvement, particularly on older properties,” Hinkle said.
“And this rebate could help us increase that number.”
The rebate program is intended to provide incentives to help owners of homes that were purchased in 2016 to put them on the market, he said.
Hinkle did not know how much the rebate would help, but said the state has the authority to waive some taxes and fees, which the rebate program would waive.
Hinkle said that the rebate could also help ease the housing shortage in New Jersey, which has been aggravated by the recent flooding.
He pointed to a new study by the state’s Economic Development Authority that showed a shortage of 1,000 homes in the state of 8,000 people, compared to the 9,000 home in the country of 3 million people.
Holder said that New Jersey is trying to increase the number and diversity of home improvement shops in the region and that the state is working to encourage new businesses and new people to participate in the Rebate.
Hodge said the rebate is intended for people who have been homeowners, not renters, but that it could help lower homeownership rates in the Garden State.
He also said that some people will have trouble finding a job if they can’t get the money from the rebate because the state doesn’t offer a tax break.
Hinker said he is optimistic that the rebatement program will help lower rates in New Brunswick, which is already seeing an increase in the construction of home renovation projects.
He added that it’s a good program and it’s one that we should continue to work on.
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