Skip to Content
Streetsblog USA home
Streetsblog USA home
Log In
Development

Menendez Proposes Tax Credit for Transit-Oriented Development

4:15 PM EDT on April 15, 2010

New construction projects that are within a half-mile of transit stations and exceeding national energy-efficiency standards would be eligible for a tax credit under legislation introduced today by Sen. Robert Menendez (D-NJ), the senior member of the Banking Committee's transit panel.

menendez.jpgSen. Robert Menendez (D-NJ) (Photo: Paterson Online)

Menendez's "green buildings" tax credit is aimed at spurring denser development in both rural and urban areas, particularly mixed-use properties that allow residents to walk between home, work, and other daily errands.

Construction projects claiming the 30 percent credit would have to meet several criteria, including the half-mile proximity to transit, the energy-efficiency minimums, and a requirement that at least 5 percent of any apartment properties be more affordable housing.

The credit could not be claimed until the year the development in question is completed, leaving the bill without an immediate cost to the Treasury.

The bill was immediately endorsed by the non-profit transit advocacy group Reconnecting America. The group's president, John Robert Smith, said in a statement that Menendez's plan "will help to meet this growing demand" for more transit-oriented, walkable development.

Stay in touch

Sign up for our free newsletter

More from Streetsblog USA

Why We Care About Some Transportation Tragedies More Than Others

Why do we respond to major transportation disasters with so much urgency — and why don't we count our collective car crash epidemic among them?

March 28, 2024

The Toll of History: MTA Board Approves $15 Congestion Pricing Fee

New York City's first-in-the-nation congestion pricing tolls are one historic step closer to reality after Wednesday's 11-1 MTA board vote. Next step: all those pesky lawsuits.

March 28, 2024

Take Thursday’s Headlines Home, Country Roads

Heat Map reports on why rural Americans are resisting electric vehicles, and why it might not matter much for the climate.

March 28, 2024
See all posts