S 3261
Increases maximum gross income tax deduction for homestead property taxes paid to $25,000.
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- Passed Senate
- Passed General Assembly
- To Governor
- Became Law
Bill overview
This bill increases the maximum amount of the gross income tax deduction that New Jersey residents can claim for property taxes paid on their homesteads from $15,000 to $25,000. It amends existing tax law (P.L.1996, c.60) to allow for this higher deduction. The bill also adjusts deductions for rental properties, aligning them with the increased homestead deduction. This change aims to alleviate the financial burden of property taxes and rents on New Jersey families.
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