Bill > A1672

This bill amends the existing homestead property tax reimbursement law to expand the definition of "disabled person" to include individuals receiving disability payments under the federal Railroad Retirement Act, in addition to those receiving Social Security disability payments. The bill allows these railroad retirement disability recipients to qualify as eligible claimants for property tax reimbursement, provided they meet other existing eligibility criteria. Specifically, to qualify, an individual must be receiving railroad retirement disability payments on December 31 of the tax year for which they are seeking a homestead property tax reimbursement. The eligibility requirements include having an annual income below specified thresholds (currently $150,000 for tax year 2022), owning and residing in a homestead for at least three calendar years, and using the property as a principal residence. The bill does not change other existing provisions of the homestead property tax reimbursement program, such as income limits, residency requirements, or the calculation of the tax reimbursement amount. The legislation takes effect immediately upon approval.

Budget and Finance, Government Affairs, Housing and Urban Affairs

https://www.njleg.state.nj.us/bill-search/2024/A1672