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NJ S1759
Bill
Status
1/13/2026
Primary Sponsor
Troy Singleton
Click for details
AI Summary
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Increases the percentage of rent defined as "rent constituting property taxes" from 18% to 30% of rent paid by tenants for their principal residence in New Jersey
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Raises the property tax credit option from $50 to $250 for eligible individuals who choose the credit instead of the gross income tax deduction
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The credit is available to gross income taxpayers and to residents age 65 or older, or blind or disabled individuals, who are not subject to gross income tax
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Allows eligible tenants to deduct a higher amount of rent from gross income, reducing their taxable income under the current $15,000 property tax deduction cap
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Takes effect immediately and applies to taxable years ending after the date of enactment
Legislative Description
Increases amount of rental payments defined as rent constituting property taxes for purposes of deduction from gross income for property tax payments; increases property tax credit option for certain individuals.
Budget and Appropriations
Last Action
Referred to Senate Budget and Appropriations Committee
3/5/2026