NJ A4474

Creates a refundable gross income tax credit for New Jersey residents equal to 18% of their total homeowners' association assessments paid during the taxable year, representing the portion attributed to infrastructure improvements.

Applies to primary residences in common interest communities including condominiums, cooperatives, and properties with mandatory HOA obligations, regardless of whether the property pays property taxes or PILOT payments.

Requires taxpayers to obtain written certification from their HOA calculating the infrastructure improvement portion of assessments; HOAs must provide this certification within 30 days of receiving a completed application.

If the credit exceeds the taxpayer's tax liability, the excess amount is paid as a refund without interest.

Takes effect immediately and applies to taxable years beginning January 1 following enactment.