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NJ A1358
Bill
Status
1/9/2024
Primary Sponsor
Christopher DePhillips
Click for details
AI Summary
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Increases the percentage of rent defined as "rent constituting property taxes" from 18% to 30% for New Jersey residential tenants claiming tax relief
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Converts the existing gross income tax deduction for residential tenants into a refundable tax credit, allowing tenants to receive money back even if they owe no taxes
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Caps the refundable tax credit at $15,000 for rent constituting property taxes paid during the taxable year
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Removes outdated phase-in provisions from 1996-1997 that previously limited the deduction to 50% and 75% during those years
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Takes effect immediately but applies starting with the taxable year following enactment
Legislative Description
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.
Housing
Last Action
Introduced, Referred to Assembly Housing Committee
1/9/2024