NJ A4092

Creates a gross income tax deduction of up to $45,000 per year for New Jersey taxpayers who pay for lead-based paint abatement, asbestos removal, replacement of lead water service lines or plumbing, soil contamination remediation, and leaded window replacement at residential properties.

Extends the deduction to homeowners with private wells contaminated by sodium or chloride above EPA secondary maximum contaminant levels, covering water treatment system installation, pipe replacement, and septic system upgrades needed to handle increased wastewater.

Requires lead-based paint and asbestos abatement work to be performed by certified or licensed contractors, and taxpayers must submit municipal affidavits confirming the work completed and amounts paid.

Allows taxpayers to claim retroactive deductions for qualifying expenses incurred between January 1, 2018 and the first taxable year after enactment, subject to the $45,000 annual cap.

Takes effect immediately upon enactment and expires December 31, 2027.