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NJ A2680
Bill
Status
1/13/2026
Primary Sponsor
Christopher DePhillips
Click for details
AI Summary
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Increases the percentage of rent defined as "rent constituting property taxes" from 18% to 30% for New Jersey residential tenants calculating gross income tax relief.
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Converts the existing gross income tax deduction for residential tenants into a refundable tax credit, allowing tenants to receive refunds even if they owe no tax.
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Sets the maximum refundable tax credit at $15,000 for rent constituting property taxes paid during the taxable year.
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Applies to tenants whose rented unit serves as their principal residence and place of domicile in New Jersey.
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Takes effect immediately upon enactment but first applies to the taxable year following the date of enactment.
Legislative Description
Increases gross income tax relief based on rent constituting property taxes for residential tenants and establishes refundable gross income tax credit in place of gross income tax deduction for residential tenants.
Housing
Last Action
Introduced, Referred to Assembly Housing Committee
1/13/2026