---
type: "Bill"
title: "Allows taxpayers to utilize alternative method of depreciation of certain expenditures in connection with construction of new affordable housing developments."
description: "Allows taxpayers to utilize alternative method of depreciation of certain expenditures in connection with construction of new affordable housing developments."
jurisdiction: "us/states/nj"
legislature: "New Jersey Legislature"
session: "221"
identifier: "S 1422"
citation: "New Jersey S 1422 (221)"
classification: ["bill"]
subjects: ["AFFORD HOUS", "BUS TAXES", "INCOME TAX"]
status: "enacted"
primary_sponsors: ["Calabrese, Clinton", "Lopez, Yvonne", "Singleton, Troy", "Speight, Shanique", "Turner, Shirley K."]
version_count: 3
action_count: 10
vote_count: 4
first_action: "2024-01-09T05:00:00+00:00"
last_action: "2024-03-20T04:00:00+00:00"
source: "openstates"
source_identifier: "ocd-bill/14f65b66-9184-4c22-9fa6-a4375ef3a69e"
source_url: "https://pub.njleg.state.nj.us/leg-databases/"
source_hash: "6890dbb03d914315582a4f4458741a4a621c5bf014dfcbc5a7075da43acc500d"
vintage: "2026-07-01"
source_snapshot: "https://data.openstates.org/daily/2026-07-01/public.pgdump"
retrieved_at: "2026-07-06"
confidence: "reported"
tags: ["legislation", "bill", "us-nj"]
---

# New Jersey S 1422 (221) — Allows taxpayers to utilize alternative method of depreciation of certain expenditures in connection with construction of new affordable housing developments.

## Version chain

The bill's text revisions, in order — the diff chain from filing to enrollment.

1. **Introduced Version** (committee substitute) — [source](https://pub.njleg.state.nj.us/Bills/2024/S1500/1422_I1.HTM)
2. **Reprint SBA 3/11/24 2R** (committee substitute) — [source](https://pub.njleg.state.nj.us/Bills/2024/S1500/1422_R2a.HTM)
3. **Reprint SCU 1/25/24 1R** (committee substitute) — [source](https://pub.njleg.state.nj.us/Bills/2024/S1500/1422_R1.HTM)

## Votes

- Reported out of Senate committee with amendments — **13–0** (pass) · upper
- 3RDG FINAL PASSAGE — **32–4** (pass) · upper
- Reported out of Senate committee with amendments — **5–0** (pass) · upper
- 3RDG FINAL PASSAGE — **67–8** (pass) · lower

## Sponsors

- Calabrese, Clinton — primary (person)
- Lopez, Yvonne — primary (person)
- Singleton, Troy — primary (person)
- Speight, Shanique — primary (person)
- Turner, Shirley K. — primary (person)
- Pou, Nellie — cosponsor (person)

## Timeline

The legislative action history — every referral, reading, and vote.

- **2024-01-09T05:00:00+00:00** Introduced in the Senate, Referred to Senate Economic Growth Committee `introduction, referral-committee`
- **2024-01-09T05:00:00+00:00** Transferred to Senate Community and Urban Affairs Committee `referral-committee`
- **2024-01-25T05:00:00+00:00** Reported out of Senate Committee with Amendments, 2nd Reading `committee-passage`
- **2024-01-25T05:00:00+00:00** Referred to Senate Budget and Appropriations Committee `referral-committee`
- **2024-03-11T04:00:00+00:00** Reported out of Senate Committee with Amendments, 2nd Reading `committee-passage`
- **2024-03-18T04:00:00+00:00** Passed Senate (32-4) `passage`
- **2024-03-18T04:00:00+00:00** Received in the Assembly without Reference, 2nd Reading
- **2024-03-18T04:00:00+00:00** Substituted for A3365 (1R)
- **2024-03-18T04:00:00+00:00** Passed Assembly (Passed Both Houses) (67-8-0) `passage`
- **2024-03-20T04:00:00+00:00** Approved P.L.2024, c.1. `executive-signature`

## Source

OpenStates / OpenCivicData bulk snapshot [2026-07-01](https://data.openstates.org/daily/2026-07-01/public.pgdump); origin `ocd-bill/14f65b66-9184-4c22-9fa6-a4375ef3a69e`. Confidence: reported (aggregated from official New Jersey legislature records).