Increases gross income tax relief based on rent constituting property taxes for residential tenants and establishes refundable gross income tax credit in place of gross income tax deduction for residential tenants.
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Progress
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- Introduced
- Passed General Assembly
- Passed Senate
- To Governor
- Became Law
Overview
This bill increases tax relief for New Jersey residential tenants by allowing a larger portion of their rent to be considered as property taxes. It establishes a refundable gross income tax credit, replacing the current deduction, for tenants based on the amount of rent that constitutes property taxes. The credit is capped at $15,000, and the percentage of rent considered is increased from 18% to 30%.
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