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Bill > S1394
NJ S1394
Increases amount of rental payments defined as rent constituting property taxes for purposes of deduction from gross income for property tax payments; increases property tax credit option for certain individuals.
summary
Introduced
01/09/2024
01/09/2024
In Committee
12/05/2024
12/05/2024
Crossed Over
Passed
Dead
Introduced Session
2024-2025 Regular Session
Bill Summary
Increases amount of rental payments defined as rent constituting property taxes for purposes of deduction from gross income for property tax payments; increases property tax credit option for certain individuals.
AI Summary
This bill increases the amount of rental payments defined as rent constituting property taxes for the purposes of deducting property tax payments from gross income. It also increases the property tax credit option for certain individuals, such as those who are 65 years of age or older or who are blind or disabled. The bill raises the property tax credit from $50 to $250, with a phase-in period where the credit is $25 in 1996 and $37.50 in 1997.
Committee Categories
Budget and Finance, Housing and Urban Affairs
Sponsors (9)
Nick Scutari (D)*,
Troy Singleton (D)*,
Vin Gopal (D),
Linda Greenstein (D),
Gordon Johnson (D),
Nellie Pou (D),
Teresa Ruiz (D),
Shirley Turner (D),
Andrew Zwicker (D),
Last Action
Referred to Senate Budget and Appropriations Committee (on 12/05/2024)
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/2024/S1394 |
| Fiscal Note - Fiscal Estimate 1/22/25; 1R | https://pub.njleg.gov/Bills/2024/S1500/1394_E1.PDF |
| BillText | https://pub.njleg.gov/Bills/2024/S1500/1394_R1.HTM |
| Analysis - Statement SCU 12/5/24 | https://pub.njleg.gov/Bills/2024/S1500/1394_S1.PDF |
| BillText | https://pub.njleg.gov/Bills/2024/S1500/1394_I1.HTM |
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