Bill
Bill > A934
summary
Introduced
01/09/2024
01/09/2024
In Committee
01/09/2024
01/09/2024
Crossed Over
Passed
Dead
Introduced Session
2024-2025 Regular Session
Bill Summary
This bill provides temporary but immediate property tax relief to first time home buyers and senior citizens while a structural solution for relief from high property taxes is developed. Pursuant to the bill, a gross income tax credit is provided to eligible taxpayers in the amount of 25 percent of the taxpayer's property taxes each year from 2019 through 2021, up to $2,500. If the value of the credit is more than what the taxpayer owes for income taxes, the amount of credit left over will be paid to the taxpayer. To be eligible for the credit, a taxpayer must have bought the home in 2019, 2020, or 2021, or instead, be at least 65 years old.
AI Summary
This bill provides temporary but immediate property tax relief to first-time home buyers and senior citizens in New Jersey. It establishes a gross income tax credit worth 25% of the taxpayer's property taxes, up to $2,500, for eligible individuals who purchased a home in 2019, 2020, or 2021, or who are 65 years of age or older. If the credit amount exceeds the taxpayer's income tax liability, the remaining credit will be paid to the taxpayer as a refund. The bill aims to offer relief while a more structural solution for high property taxes is developed.
Committee Categories
Housing and Urban Affairs
Sponsors (6)
Clinton Calabrese (D)*,
Roy Freiman (D)*,
Verlina Reynolds-Jackson (D)*,
Robert Karabinchak (D),
Lisa Swain (D),
Chris Tully (D),
Last Action
Introduced, Referred to Assembly Housing Committee (on 01/09/2024)
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/2024/A934 |
| BillText | https://pub.njleg.gov/Bills/2024/A1000/934_I1.HTM |
Loading...