Bill > A1119

Introduced Session

This bill permits taxpayers to deduct the total amount of State property taxes, due and paid in a calendar year on the taxpayer's principal residence, from the taxpayer's gross income tax obligation. Under current law, a taxpayer may deduct up to $15,000 of property taxes due and paid in the calendar year on the taxpayer's primary residence from the taxpayer's gross income tax obligation. If the taxpayer is a renter, the taxpayer may deduct up to $15,000 of the amount of "rent constituting property tax," which is defined in P.L.1996, c.60, s.2 (C.54A:3A-16) to mean 18 percent of rent, due and paid in the calendar year from the taxpayer's gross income tax obligation. This bill eliminates these $15,000 maximum allowable deductions, thereby permitting a taxpayer to deduct the full amount of property taxes, or rent constituting property taxes, due and paid by the taxpayer in the calendar year on the taxpayer's primary residence.

AI Summary

Committee Categories

Chris DePhillips (R)*,  John DiMaio (R)*,  Dawn Fantasia (R)*,  Aura Dunn (R),  Michael Inganamort (R),  Nancy Muñoz (R), 

Introduced, Referred to Assembly State and Local Government Committee (on 01/09/2024)

Official Document