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Bill > S1904

NJ S1904

NJ S1904
Increases annual income limitation for senior and disabled citizens' eligibility for $250 property tax deduction and bases future annual income limitations on annual CPI changes.

summary

Introduced
02/24/2020
In Committee
02/24/2020
Crossed Over
Passed
Dead
01/11/2022

Introduced Session

2020-2021 Regular Session

Bill Summary

This bill increases the annual income limit for seniors and disabled persons to be eligible for an annual property tax deduction. The income limit increase reflects an increase in cost of living. The income limit increase from $10,000 to $20,000 reflects actual inflation from 1983 to 2018, and the annual income limit change thereafter will reflect the actual cost of living change for the past year. The bill uses the Consumer Price Index to determine increases in years after 2019 to ensure that the income limits remain realistic. The bill takes effect immediately, but will remain inoperative until the voters approve a constitutional amendment authorizing an increase in the income limit from $10,000 to $20,000, and annual increases thereafter.

AI Summary

This bill increases the annual income limit for seniors and disabled persons to be eligible for an annual $250 property tax deduction. The income limit is increased from $10,000 to $20,000 to reflect actual inflation from 1983 to 2018, and the income limit will be adjusted annually thereafter based on changes to the Consumer Price Index (CPI) to ensure the limits remain realistic. The bill cannot take effect until voters approve a constitutional amendment authorizing the increase in the income limit.

Committee Categories

Health and Social Services

Sponsors (1)

Last Action

Introduced in the Senate, Referred to Senate Health, Human Services and Senior Citizens Committee (on 02/24/2020)
(3 Companion Bills)

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