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NJ S1763

Bill

Official Source

Status

Introduced

1/9/2024

Primary Sponsor

Paul Moriarty

Click for details

Origin

Senate

2024-2025 Regular Session

AI Summary

  • Creates a refundable New Jersey gross income tax credit equal to 50% of early principal payments made on primary residence mortgages, up to $1,000 annually
  • Applies to traditional mortgages with 15-30 year terms on principal residences, including refinanced purchase money mortgages
  • Credit phases out for single filers with taxable income between $125,000-$135,000 and joint filers between $250,000-$270,000; no credit available above these thresholds
  • Taxpayers may claim the credit for a maximum of 10 taxable years; married couples filing separately are ineligible
  • Takes effect for taxable years beginning January 1 following enactment

Legislative Description

Clarifies which health care professional may provide documentation to school district of need for home instruction due to student's health condition.

Substituted by another Bill

Last Action

Substituted by A3340 (2R)

12/18/2025

Committee Referrals

Education1/9/2024

Full Bill Text

No bill text available