Bill > ACR12

This concurrent resolution proposes a constitutional amendment to increase the annual income limitation for senior citizens aged 65 or older and disabled individuals who are eligible for a $250 property tax deduction. Currently, the annual income limit is $10,000, and the resolution would raise this to $20,000 starting in 2015. After 2015, the income limit would be automatically adjusted each year based on changes in the Consumer Price Index (CPI), which is a measure of the average change in prices paid by urban consumers for goods and services. This means the income threshold would increase proportionally with inflation, ensuring that the deduction remains meaningful over time. The last time the income limit was increased was in 1983, when it went from $9,000 to $10,000. The proposed amendment specifies that the income calculation would exclude certain types of benefits, such as Social Security, federal pension programs, and state pension or disability benefits. If approved by voters, the amendment would help more seniors and disabled individuals qualify for the property tax deduction by recognizing the impact of inflation on income over time.

Health and Social Services

https://www.njleg.state.nj.us/bill-search/2024/ACR12