NJ A1000

Creates a refundable gross income tax credit for New Jersey renters whose rent exceeds 35% of their gross income, with a maximum credit of $1,000

Taxpayers earning up to $50,000 in high-cost areas (or up to $25,000 in other areas) receive 100% of excess rent paid; those earning $50,000-$60,000 in high-cost areas (or $25,000-$50,000 elsewhere) receive 75%; taxpayers earning $50,000-$60,000 outside high-cost areas receive 50%

"High-cost area" is defined as locations where small area fair market rent is used to calculate federal Housing Choice Voucher Program subsidies

Taxpayers receiving State or federal housing subsidies may claim an alternative credit equal to 1/12 of their unsubsidized rent paid during the taxable year

Applies retroactively to the taxable year immediately preceding enactment, requiring qualified taxpayers to file amended returns within 90 days to claim the credit