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

Menendez Proposes Tax Credit for Transit-Oriented Development

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

Friday Video: Are We All Living in a ‘Carspiracy’?

How does "car-brain" shape the way we think about the world — even in relatively bike-friendly countries like the U.K.?

July 26, 2024

Friday’s Headlines Share and Share Alike

Bikeshares, and e-bikes and scooters generally, are becoming more popular. That's led to more injuries, highlighting the need for better infrastructure.

July 26, 2024

What the Heck is Going on With the California E-Bike Incentive Program?

The program's launch has been delayed for two years, and currently "there is no specific timeline" for it. Plus the administrator, Pedal Ahead, is getting dragged, but details are vague.

July 26, 2024

Talking Headways Podcast: Have Cities Run Out of Land?

Chris Redfearn of USC and Anthony Orlando of Cal Poly Pomona on why "pro-business" Texas housing markets are catching up to "pro-regulation" California and what it might mean for future city growth.

July 25, 2024

The Paris Plan for Olympic Traffic? Build More Bike Lanes

A push to make Paris fully bikable for the Olympics is already paying dividends long before the opening ceremonies.

July 25, 2024
See all posts