NJ A4779

Establishes a refundable New Jersey gross income tax credit for resident taxpayers equal to 18% of their total homeowners' association (HOA) assessments paid during the taxable year for their primary residence in a common interest community

Requires taxpayers claiming the credit to submit a certification from their HOA documenting the amount of assessments paid, which the HOA must provide within 30 days of receiving a completed application

Applies to condominiums, cooperatives, and other common interest communities where unit owners pay mandatory HOA assessments, but excludes timeshare associations

Makes the credit available regardless of whether the property is subject to regular property taxes or payments in lieu of taxes (PILOT agreements)

Takes effect for taxable years beginning on or after January 1 following enactment, with any credit exceeding tax liability paid as a refund to the taxpayer