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  • NJ A3950
  • Provides tax credits for performing certain repairs on primary residences of senior citizens or persons with disabilities.
In Committee
Crossed OverPassedSignedDead/Failed/Vetoed
2016-2017 Regular Session
This bill provides $50 million in tax credits to taxpayers who perform home improvements to increase accessibility on the primary residences of qualified residents. A taxpayer can earn a tax credit, not in excess of $2,500 against the taxpayer's gross income tax for the eligible costs of a home improvement performed on the primary residence of a qualified resident. The bill defines a qualified resident as a resident of this State who is either 65 years of age or older or less than 65 years of age and permanently disabled. A qualified resident must either reside in a dwelling house owned by him, reside in a dwelling house owned by another, which constitutes the qualified resident's domicile, or reside as a tenant shareholder in a cooperative or mutual housing corporation. Under the bill, a taxpayer would apply for a certification from the New Jersey Housing and Mortgage Finance Agency ("NJHMFA") that certifies the taxpayer' eligibility for tax credits and the amount of tax credits that the State Treasurer may award to the taxpayer under the bill. A licensed medical doctor, podiatrist, or physician licensed to practice in New Jersey, or a neighboring state, must certify to NJHMFA that the qualified resident cannot ambulate without the use of assistive devices, such as a cane, crutch, wheelchair, prosthetic device, or other person. NJHMFA would accept applications for tax credits until the value of all credits approved by NJHMFA reaches the $50 million limit set forth in the bill. Upon certification, NJHMFA would submit a copy of the certification to the taxpayer and to the Director of the Division of Taxation. When filing a tax return that includes a claim for tax credits under this bill, the taxpayer will include a copy of the certification. Tax credits awarded under this bill would be valid in the taxable year in which the home improvement has been completed. The taxpayer may carry forward any unused portion thereof, if necessary, for use in the next five taxable years.
Not specified
Introduced, Referred to Assembly Housing and Community Development Committee  (on 6/20/2016)
Date Chamber Action Description
6/20/2016 A Introduced, Referred to Assembly Housing and Community Development Committee
Date Motion Yea Nay Other
None specified