NJ S1821

Creates a New Jersey gross income tax credit for renters whose rent exceeds 35% of their gross income, with credits ranging from 50% to 100% of excess rent paid, capped at $1,000 annually.

Unmarried individuals qualify with gross income up to $60,000; married couples filing jointly, heads of household, and surviving spouses qualify with income up to $90,000.

Credit percentages vary based on income level and whether the taxpayer resides in a "high-cost area" (defined by federal Housing Choice Voucher Program fair market rent designations), with higher-income and non-high-cost-area residents receiving smaller percentages.

Taxpayers receiving State or federal tenant-based housing subsidies receive a reduced credit equal to 1/12 of their unsubsidized rent paid during the taxable year.

Applies retroactively to the taxable year immediately preceding enactment, requiring eligible taxpayers to file amended returns within 90 days to claim the credit.