BillTrack50 logo
Free Signup Login
Bill

Bill > S738

NJ S738

NJ S738
Provides temporary gross income tax credit to first time home buyers and seniors.

summary

Introduced
01/11/2022
In Committee
01/11/2022
Crossed Over
Passed
Dead
01/08/2024

Introduced Session

2022-2023 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 gross income tax credit to first-time home buyers and senior citizens in New Jersey. The credit is equal to 25% of the taxpayer's property taxes, up to $2,500, for the 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. To be eligible, a taxpayer must have purchased a qualified residential property (a homestead) in 2019, 2020, or 2021, or be at least 65 years old. The bill aims to provide immediate property tax relief while a more comprehensive solution is developed.

Committee Categories

Budget and Finance

Sponsors (3)

Last Action

Introduced in the Senate, Referred to Senate Budget and Appropriations Committee (on 01/11/2022)
(4 Companion Bills)

bill text

bill summary

Loading...

bill summary

Loading...
Loading...