Bill
Bill > A2966
NJ A2966
NJ A2966Increases gross income tax credit for homestead property taxes paid from $50 to $200.
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
The bill increases the amount of the gross income tax credit for homestead property taxes paid from $50 to $200. Currently, homeowners and tenants may deduct from their taxable income the amount they paid for property taxes or the amount of rent that constitutes property taxes. Alternatively, homeowners and tenants have the option to receive a flat rate refundable tax credit of $50 instead of the deduction. This bill increases the flat rate refundable tax credit to $200.
AI Summary
This bill increases the amount of the gross income tax credit for homestead property taxes paid from $50 to $200. Currently, homeowners and tenants may deduct from their taxable income the amount they paid for property taxes or the amount of rent that constitutes property taxes. Alternatively, they have the option to receive a flat rate refundable tax credit of $50 instead of the deduction. This bill increases the flat rate refundable tax credit to $200. The bill applies to taxable years ending after the date of enactment.
Committee Categories
Housing and Urban Affairs
Sponsors (2)
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/A2966 |
| BillText | https://pub.njleg.gov/Bills/2024/A3000/2966_I1.HTM |
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