NJ A934

Creates a gross income tax credit equal to 25% of property taxes paid, up to $2,500 maximum, for tax years 2019, 2020, and 2021

Eligible taxpayers include first-time homebuyers who purchased property in 2019-2021 and have never previously owned residential property

Seniors aged 65 or older at the close of the taxable year qualify for the credit regardless of when they purchased their home

Credit is refundable, meaning any amount exceeding the taxpayer's income tax liability will be paid as a refund

Joint property owners receive the credit proportionally based on their ownership share; married couples filing separately each receive half the credit