Bill > S2343

Introduced Session

This bill increases the maximum gross income tax deduction allowed for homestead property taxes paid. Currently, a resident taxpayer is allowed a deduction from gross income for property taxes paid for the calendar year on the taxpayer's principal residence in the State, up to a maximum deduction of $15,000. Similarly, a resident taxpayer that rents or leases a unit of residential property that is the taxpayer's principal residence is allowed to deduct from gross income 18% of the rent paid for occupancy during the taxable year, up to a maximum deduction of $15,000 for rent constituting property taxes. Current law also provides that a taxpayer who is eligible for a deduction for property taxes paid for part of the year, and also eligible for a deduction for rent constituting property taxes paid for part of the year is allowed to deduct the sum of the property taxes paid and the rent constituting property taxes paid, subject to certain limitations, up to a maximum deduction of $15,000. This bill raises the amount of the maximum deduction from gross income allowed for homestead property taxes paid in each of the three provisions to $25,000 in recognition of the reality that property taxes and rents have become an ever-increasing burden on New Jersey families.

Committee Categories

Kristin Corrado (R)*, 

Introduced in the Senate, Referred to Senate Community and Urban Affairs Committee (on 01/29/2024)

Official Document