Nehmad Perillo & Davis remains on the cutting edge of legal news, recently released court opinions, legislative news and upcoming events which affect the business and real estate sectors of New Jersey. Our blog chronicles emerging issues that affect your company and livelihood, from estate planning and tax appeals to real estate development and corporate organizations. We also focus on your individual legal needs with updates on education law affecting your children and grandchildren and estate planning updates to assist you in protecting your assets for future generations. Check back often or follow us on twitter for legal updates.
We now have new federal tax laws for 2018. Perhaps the most significant impact on New Jersey will be the $10,000.00 cap on the deduction for state income and property taxes. Until now, New Jersey residents were able to deduct 100% of their state income and property taxes. Under the new federal tax code, that deduction is capped at $10,000.00.
On January 15, during his last day in office, Gov. Chris Christie signed into law Assembly Bill 1425/Senate Bill 3233, which implements major reforms to the requirements for the posting of performance and maintenance guarantees under the Municipal Land Use Law (MLUL), N.J.S.A. 40:55D-1 et seq. The new law is effective immediately. Municipalities are now constrained from requiring performance and maintenance guarantees for private improvements in a development.
Vincent L. Lamanna, Jr., Esq. was recently awarded the 2017 Daniel J. O'Hern Professionalism Award.
The New Jersey Department of Community Affairs, on or about November 21, 2017, will start accepting applications for tax credits from companies with a state business tax liability, up to a maximum of $1 million per company. The applications would be submitted to the Neighborhood Revitalization Tax Credit Program (NRTC), which is designed to foster the revitalization of New Jersey's distressed neighborhoods.
On September 5th, the New Jersey Department of Community Affairs ("DCA") decided to re-adopt its existing rules regarding rooming and boarding houses without any amendment. The DCA previously had published a notice of rule making proposing new rules governing cooperative sober living residences. However, none of those proposed rules went into effect. Thus, the status quo remains regarding the existing rules governing rooming and boarding houses.
In a decision concerning arbitrary decision-making and the relevancy of the condominium form of ownership in the context of a hotel development, NPD Partner Stephen Nehmad recently prevailed in litigation on behalf of the developer of a hotel resort in Ocean City, New Jersey.
Homes are bought and sold all the time in Stone Harbor, Avalon, Sea Isle and other coastal communities. But what should be a simple sale of real estate can quickly become complicated, frustrating and expensive if the property is affected by a tidelands claim.
If you are a for-profit or non-profit developer or business seeking to advance a real estate development project in New Jersey, you may be eligible for up to $3 million in financing through the New Jersey Economic Development Authority (NJEDA). The NJEDA has created the Real Estate Impact Fund to support and foster redevelopment in strategic urban and other significant locations in New Jersey that would not otherwise occur in the near term, and to strengthen existing and catalyze future development opportunities and private investment.
New Jersey Courts are upholding the service of lawsuits on defendants via Facebook.