Bill
Bill > S3555
summary
Introduced
03/07/2019
03/07/2019
In Committee
03/07/2019
03/07/2019
Crossed Over
Passed
Dead
01/08/2020
01/08/2020
Introduced Session
2018-2019 Regular Session
Bill Summary
This bill provides temporary but immediate property tax relief to first time home buyers and senior citizens while a structural solution for relief from high property taxes is developed. Pursuant to the bill, a gross income tax credit is provided to eligible taxpayers in the amount of 25 percent of the taxpayer's property taxes each year from 2019 through 2021, up to $2,500. If the value of the credit is more than what the taxpayer owes for income taxes, the amount of credit left over will be paid to the taxpayer. To be eligible for the credit, a taxpayer must have bought the home in 2019, 2020, or 2021, or instead, be at least 65 years old.
AI Summary
This bill provides temporary but immediate property tax relief to first-time home buyers and senior citizens while a structural solution for property tax relief is developed. It establishes a gross income tax credit of up to 25% of the property taxes paid, up to $2,500, for eligible taxpayers who purchased a home in 2019, 2020, or 2021, or who are at least 65 years old. If the credit value exceeds the taxpayer's income tax liability, the remaining amount will be paid to the taxpayer as a refund. The bill aims to provide temporary relief while a more comprehensive solution is being explored.
Committee Categories
Budget and Finance
Sponsors (3)
Last Action
Introduced in the Senate, Referred to Senate Budget and Appropriations Committee (on 03/07/2019)
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| BillText | https://www.njleg.state.nj.us/2018/Bills/S4000/3555_I1.HTM |
| Bill | https://www.njleg.state.nj.us/2018/Bills/S4000/3555_I1.PDF |
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