Bill
Bill > A964
NJ A964
NJ A964Increases and indexes maximum homestead property tax deduction under gross income tax.
summary
Introduced
01/09/2024
01/09/2024
In Committee
01/09/2024
01/09/2024
Crossed Over
Passed
Dead
01/12/2026
01/12/2026
Introduced Session
2024-2025 Regular Session
Bill Summary
This bill increases the maximum amount of the homestead property tax deduction allowable for gross income tax purposes. The current $15,000 limit of property taxes paid by homeowners or tenants on their principal residences is increased to $17,000 for tax year 2020. Thereafter, this amount will be indexed and recomputed annually to reflect a cost-of-living adjustment based on the consumer price index for urban consumers as prepared by the U.S. Department of Labor. With property taxes increasing dramatically over the past few years, the maximum deduction amount should be increased to further assist the property taxpayers of this State.
AI Summary
This bill increases the maximum amount of the homestead property tax deduction allowable for gross income tax purposes. The current $15,000 limit is increased to $17,000 for tax year 2020, and thereafter the amount will be indexed and recomputed annually to reflect a cost-of-living adjustment based on the consumer price index. The bill aims to further assist property taxpayers in the state as property taxes have been increasing dramatically in recent years.
Committee Categories
Housing and Urban Affairs
Sponsors (1)
Last Action
Introduced, Referred to Assembly Housing Committee (on 01/09/2024)
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/A964 |
| BillText | https://pub.njleg.gov/Bills/2024/A1000/964_I1.HTM |
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