Loading chat...
NJ S1763
Bill
Status
Introduced
1/13/2026
Primary Sponsor
Troy Singleton
Click for details
AI Summary
- Creates a refundable New Jersey gross income tax credit equal to 50% of extra mortgage principal payments made beyond required monthly payments, capped at $1,000 per year
- Applies only to traditional mortgages (15-30 year terms with fixed payments) on a taxpayer's primary residence, including refinanced purchase money mortgages
- Credit phases out for single filers with taxable income between $125,000-$135,000 and joint filers between $250,000-$270,000; no credit above those thresholds
- Taxpayers may claim the credit for a maximum of 10 taxable years total; married couples filing separately are ineligible
- Takes effect for taxable years beginning January 1 following enactment
Legislative Description
Provides refundable gross income tax credit for early principal payments on certain home mortgages.
Commerce
Last Action
Introduced in the Senate, Referred to Senate Commerce Committee
1/13/2026
Committee Referrals
Commerce1/13/2026
Full Bill Text
No bill text available