NJ Oil Tank Removal Grants
State Fund Details
Background: The state of New Jersey established an oil tank program to help owners remove and replace buried oil tanks. The law was enacted in hope of providing an incentive for homeowners to remove their tanks before they leak.
Program Funding Source: Few New Jersey residence are aware that the state set aside funding for leaking oil tanks more than 10 years ago. The Petroleum Underground Storage Tank Upgrade Remediation and Closure Fund has been administered by the NJEDA & NJDEP with much success. The program receives most of its money from taxes levied on corporations.
Tank Program Expanded: In August 2006, the program was radically expanded by Governor Corzine. The program now allows homeowners with non-leaking tanks to take advantage of state funding. The state money, which comes in the form of a reimbursement grant, gives New Jersey homeowners at least $3,200 and as much as $5,200 to remove their oil tank and replace it with a new buried or above ground tank. The state also expanded the eligibility requirements so that almost all New Jersey homeowners qualify for the grant reimbursement money.
NJ oil tank removal grants are available now: Frequently, we are asked whether the funds are still available given the economic climate in the state. The answer is that the New Jersey is doing their best to make sure the tank grant program is fully funded. There are rumors that special interests are clarmoring to get their hands on the grant money but these are only unsubstantiated claims. That being said, it would still be wise for the homeowner to take advantage of the program as soon as possible.
Grant Amount:Homeowners that remove their oil tank and replace the tank with one that’s above ground are eligible for the largest grant available which is $3,000.
Eligibility Requirements: Most NJ homeowners are eligible to receive money under this oil tank program.
- Your federal taxable income must be less than $250,000
- Your net worth must not exceed $500,000. Your net worth is calculated excluding your primary residence and any pensions.
- You must demonstrate that repaying a loan under the oil tank program would be a financial burden. The state uses an extremely liberal test to define what constitutes a hardship.
- You spend more than 51% of your income on any and all living expenses. This includes mortgage, car payments, insurance etc.
Leaking Oil Tanks: If the oil tank leaks, no worries! the state has money to help you. Our TRUST Program can make it easy for you to get the state money available for leaking oil tanks.
Rental Properties: NJ tank program funding is also available to remove tanks at rental properties, non-profits companies, churches and even estate owned properties.