Bill
Bill > S3457
NJ S3457
NJ S3457Increases 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
01/10/2023
01/10/2023
In Committee
01/10/2023
01/10/2023
Crossed Over
Passed
Dead
01/08/2024
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
Budget and Finance
Sponsors (1)
Last Action
Introduced in the Senate, Referred to Senate Budget and Appropriations Committee (on 01/10/2023)
Official Document
bill text
bill summary
Loading...
bill summary
Loading...
bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.njleg.state.nj.us/bill-search/2022/S3457 |
| BillText | https://pub.njleg.gov/Bills/2022/S3500/3457_I1.HTM |
Loading...