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NJ A2426

Bill

Official Source

Status

Introduced

1/13/2026

Primary Sponsor

Tennille McCoy

Click for details

Origin

General Assembly

2026-2027 Regular Session

AI Summary

  • Increases the New Jersey gross income tax credit for homestead property taxes paid from $50 to $200, a fourfold increase
  • Applies to both homeowners who pay property taxes directly and tenants whose rent constitutes property taxes
  • Maintains the existing option allowing taxpayers to choose between taking the flat-rate credit or deducting actual property taxes/rent constituting property taxes from taxable income
  • Extends eligibility to residents 65 and older, blind, or disabled individuals who are not otherwise subject to state income tax
  • Takes effect immediately upon enactment and applies to taxable years ending after the date of enactment

Legislative Description

Increases gross income tax credit for homestead property taxes paid from $50 to $200.

Housing

Last Action

Introduced, Referred to Assembly Housing Committee

1/13/2026

Committee Referrals

Housing1/13/2026

Full Bill Text

No bill text available