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NJ S3730
Bill
Status
Introduced
3/5/2026
Primary Sponsor
Anthony M. Bucco
Click for details
AI Summary
- Creates a gross income tax deduction for functional improvement expenses and repair and maintenance expenses paid on a taxpayer's primary residence in New Jersey
- Functional improvement expenses must materially improve operating condition and prolong the useful life of the residence; repair expenses must maintain the property in ordinarily efficient operating condition
- Excludes renovations that adapt spaces for new uses (e.g., basement conversions), aesthetic remodeling, or work unrelated to essential habitability
- Applies to both property owners and renters, with no cap on the deduction amount
- Married couples filing separately may each claim half of the same expense to prevent double-dipping; takes effect for taxable years beginning January 1 following enactment
Legislative Description
Allows gross income tax deduction for functional improvements and home repairs made to taxpayer's primary residence.
Community and Urban Affairs
Last Action
Introduced in the Senate, Referred to Senate Community and Urban Affairs Committee
3/5/2026
Committee Referrals
Community and Urban Affairs3/5/2026
Full Bill Text
No bill text available