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Bill > S823

NJ S823

NJ S823
Provides gross income tax exemption for contributions made to qualified retirement plans.

summary

Introduced
01/14/2020
In Committee
01/14/2020
Crossed Over
Passed
Dead
01/11/2022

Introduced Session

2020-2021 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 a temporary property tax credit for eligible taxpayers in New Jersey. Specifically, the bill allows a credit of up to 25% of the property taxes paid, up to $2,500, for first-time home buyers and seniors aged 65 or older for tax years 2019 through 2021. If the credit exceeds the taxpayer's income tax liability, the remaining amount will be paid to the taxpayer as a refund. The bill aims to provide immediate property tax relief while a more comprehensive solution is developed.

Committee Categories

Budget and Finance

Sponsors (4)

Last Action

Introduced in the Senate, Referred to Senate Budget and Appropriations Committee (on 01/14/2020)
(3 Companion Bills)

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