NJ A1106

Creates a gross income tax deduction for homeowners and renters who pay for functional improvements or repair and maintenance expenses on their primary residence in New Jersey

Functional improvement expenses must materially improve operating condition and considerably prolong the useful life of the residence; excludes renovations for new uses, aesthetic remodeling, or non-essential habitability improvements

Primary residence includes mobile homes and cooperative/mutual housing units but excludes vacation homes and secondary properties

Married couples filing separately may each claim one-half of the deduction for expenses on a shared primary residence

No cap is imposed on the amount of expenses that may be claimed in a taxable year