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Bill > A4887

NJ A4887

NJ A4887
Increases gross income tax relief based on rent constituting property taxes for residential tenants and establishes refundable gross income tax credit in place of gross income tax deduction for residential tenants.

summary

Introduced
11/21/2022
In Committee
11/21/2022
Crossed Over
Passed
Dead
01/08/2024

Introduced Session

2022-2023 Regular Session

Bill Summary

This bill increases tax relief under the New Jersey gross income tax for residential tenants. The bill provides income tax relief for tenants by increasing, from 18 percent to 30 percent, the amount of rent defined as "rent constituting property taxes". The bill also changes the gross income tax deduction for residential tenants to a refundable gross income tax credit of up to $15,000 for "rent constituting property taxes." Increasing the cap on the amount of rental payments defined as "rent constituting property taxes" and allowing that amount to be a refundable tax credit of up to $15,000 will reduce residential tenants' tax burdens.

AI Summary

This bill increases tax relief under the New Jersey gross income tax for residential tenants. The bill provides income tax relief for tenants by increasing, from 18 percent to 30 percent, the amount of rent defined as "rent constituting property taxes". The bill also changes the gross income tax deduction for residential tenants to a refundable gross income tax credit of up to $15,000 for "rent constituting property taxes." Increasing the cap on the amount of rental payments defined as "rent constituting property taxes" and allowing that amount to be a refundable tax credit of up to $15,000 will reduce residential tenants' tax burdens.

Committee Categories

Housing and Urban Affairs

Sponsors (1)

Last Action

Introduced, Referred to Assembly Housing Committee (on 11/21/2022)
(1 Companion Bills)

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