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Bill > A1152

NJ A1152

NJ A1152
Provides temporary gross income tax credit to first time home buyers and seniors.

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 temporary but immediate property tax relief to first-time home buyers and senior citizens in New Jersey. It establishes a gross income tax credit of up to 25% of the taxpayer's property taxes, up to $2,500 per year, for eligible taxpayers who purchased a home in 2019, 2020, or 2021, or are at least 65 years old. 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 relief while a more comprehensive solution for high property taxes is developed.

Committee Categories

Housing and Urban Affairs

Sponsors (10)

Last Action

Introduced, Referred to Assembly Housing Committee (on 01/14/2020)
(3 Companion Bills)

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