NJ A2966

Increases the gross income tax credit for homestead property taxes paid from $50 to $200 for eligible taxpayers who choose the credit option instead of itemizing deductions

Eligible taxpayers include homeowners who paid property taxes or renters whose rent constitutes property taxes on their homestead

Residents age 65 or older, or those who are blind or disabled, qualify for the credit even if they have no tax liability

Married individuals filing separate returns would each receive half of the credit ($100 each)

Takes effect immediately and applies to taxable years ending after the date of enactment