Bill > S1678

Introduced Session

This bill permits taxpayers to deduct the total amount of State property taxes, due and paid in a calendar year on the taxpayer's principal residence, from the taxpayer's gross income tax obligation. Under current law, a taxpayer may deduct up to $15,000 of property taxes due and paid in the calendar year on the taxpayer's primary residence from the taxpayer's gross income tax obligation. If the taxpayer is a renter, the taxpayer may deduct up to $15,000 of the amount of "rent constituting property tax," which is defined in P.L.1996, c.60, s.2 (C.54A:3A-16) to mean 18 percent of rent, due and paid in the calendar year from the taxpayer's gross income tax obligation. This bill eliminates these $15,000 maximum allowable deductions, thereby permitting a taxpayer to deduct the full amount of property taxes, or rent constituting property taxes, due and paid by the taxpayer in the calendar year on the taxpayer's primary residence.

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Committee Categories

Declan O'Scanlon (R)*,  Joe Pennacchio (R)*,  Holly Schepisi (R),  Parker Space (R), 

Introduced in the Senate, Referred to Senate Budget and Appropriations Committee (on 01/09/2024)

Official Document