Increases, from 18 percent to 30 percent, amount of rent constituting property taxes for purposes of gross income tax deduction for certain tenants.
Take action
Record your position on this measure.
Create an account to take a stance, submit a written position, or contact your legislator.
Progress
Where this bill stands in the legislative process.
- Introduced
- Passed General Assembly
- Passed Senate
- To Governor
- Became Law
Overview
This bill increases the percentage of rent that can be deducted as property taxes for income tax purposes for certain tenants in New Jersey. Currently, tenants with an annual gross income of $150,000 or less can deduct 18% of their rent, while those with incomes over $150,000 can deduct 18%. The bill would raise this deduction to 30% for tenants earning $150,000 or less, providing greater tax relief for lower-income renters. This change is made under the Property Tax Deduction Act.
Bill text
Read the latest version inline or switch to a previous version.
Document of record
- Version
- Introduced
- Published
- Not published in the source record
This version is published only as a document. Open the viewer to read it here, or download the file.
Sponsors
Official sponsors from legislative records.
1 on record
Primary sponsor
Arguments
Reasons offered for and against this legislation.
Arguments in favor
No arguments in favor have been submitted.
Submit yoursArguments opposed
No arguments opposed have been submitted.
Submit yours