NJ A964

Increases the maximum homestead property tax deduction under New Jersey's gross income tax from $15,000 to $17,000 for tax year 2020

Implements annual cost-of-living adjustments starting January 1, 2021, based on the consumer price index for all urban consumers as calculated by the U.S. Department of Labor

Applies to both homeowners who pay property taxes directly and tenants who pay rent (with 18% of rent considered as property taxes paid)

Requires the director to recompute the maximum deduction amount annually and round to the next highest multiple of $5

Deletes outdated phase-in provisions from 1996 and 1997 that limited deductions to 50% and 75% of lower thresholds