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NJ S1
NJ S1Establishes Stay NJ property tax credit program; establishes Stay NJ Task Force; expands income limit and modifies ownership requirement for eligibility to receive homestead property tax reimbursement; enhances ANCHOR benefits for seniors; and makes appropriations.
summary
Introduced
06/05/2023
06/05/2023
In Committee
06/27/2023
06/27/2023
Crossed Over
Passed
Dead
01/08/2024
01/08/2024
Introduced Session
2022-2023 Regular Session
Bill Summary
Establishes Stay NJ property tax credit program; establishes Stay NJ Task Force; expands income limit and modifies ownership requirement for eligibility to receive homestead property tax reimbursement; enhances ANCHOR benefits for seniors; and makes appropriations.
AI Summary
This bill establishes the Stay NJ property tax credit program, which provides a 50% property tax credit to eligible homeowners and renters aged 65 or older with incomes below $500,000. It also expands the income limit and modifies the ownership requirement for the homestead property tax reimbursement program, enhances benefits for seniors under the ANCHOR property tax relief program, and makes appropriations to support the new tax credit program and related outreach efforts. The bill also establishes a Stay NJ Task Force to develop recommendations for restructuring and consolidating the state's various property tax relief programs into a single, streamlined program.
Committee Categories
Budget and Finance
Sponsors (4)
Last Action
Substituted by A1 (2R) (on 06/30/2023)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.njleg.state.nj.us/bill-search/2022/S1 |
| BillText | https://pub.njleg.gov/Bills/2022/S0500/1_R1.HTM |
| Analysis - Statement SBA 6/27/23 | https://pub.njleg.gov/Bills/2022/S0500/1_S1.PDF |
| BillText | https://pub.njleg.gov/Bills/2022/S0500/1_I1.HTM |
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