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NJ S1101
Bill
Status
1/9/2024
Primary Sponsor
Britnee Timberlake
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AI Summary
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Creates a refundable gross income tax credit for first-time homebuyers equal to 5% of the purchase price or $15,000, whichever is less, divided equally over three consecutive tax years
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Caps the total program at $100 million over four years, with $18.75 million annually reserved for newly constructed homes and $6.25 million for previously occupied homes
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Limits eligibility to New Jersey residents who have never owned residential property, with household income caps of $118,000 (1-2 persons) or $135,000 (3+ persons), and maximum home value of $560,000
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Requires buyers to occupy the property as their principal residence for 36 consecutive months or repay the full credit amount
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Mandates the Office of Revenue and Economic Analysis to report on program effectiveness after two years, after which the Legislature and Governor may extend it for an additional two years via joint resolution
Legislative Description
Requires front-loading clothes washing machines and dryers to have child safety locks; requires installation of safety locks and warning for machines previously purchased without child safety locks.
Commerce
Last Action
Introduced in the Senate, Referred to Senate Commerce Committee
1/9/2024