Increases amount of rental payments defined as rent constituting property taxes for purposes of deduction from gross income for property tax payments; increases property tax credit option for certain individuals.
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed Senate
- Passed General Assembly
- To Governor
- Became Law
Overview
This bill increases the amount of rental payments that can be deducted from a taxpayer’s gross income as property taxes, raising the threshold to 30% instead of 18%. It also expands a property tax credit option for certain individuals, specifically those 65 or older or who qualify as blind or disabled, allowing them to claim a credit of up to $250 for property taxes or rent constituting property taxes paid on their principal residence. The changes are made to existing New Jersey tax law.
Bill text
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Document of record
- Version
- Third Reading Reprint
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Sponsors
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11 on record
Primary sponsors
Nicholas Scutari
Cosponsors
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