Bill > A516

This bill provides a temporary gross income tax credit to first-time home buyers and seniors in New Jersey. The credit is equal to 25% of the property tax due and paid on the taxpayer's qualified residential property, up to $2,500. The credit can be applied against the taxpayer's gross income tax liability or, if the credit exceeds the liability, can be refunded to the taxpayer. The credit is available for taxable years 2019, 2020, and 2021.

Housing and Urban Affairs

https://www.njleg.state.nj.us/bill-search/2022/A516