Bill
Bill > A2426
NJ A2426
NJ A2426Increases gross income tax credit for homestead property taxes paid from $50 to $200.
summary
Introduced
01/13/2026
01/13/2026
In Committee
01/13/2026
01/13/2026
Crossed Over
Passed
Dead
Introduced Session
2026-2027 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 flat-rate refundable tax credit for homestead property taxes paid from $50 to $200, offering an alternative to deducting actual property taxes or rent constituting property taxes from taxable income. A homestead is a taxpayer's primary residence. This credit is available to homeowners and tenants who paid property taxes or rent that includes property taxes on their home. The bill also clarifies that married individuals filing separately are each entitled to half of the credit and specifies that the credit is paid as a refund of overpayment, with certain conditions for those not subject to tax.
Committee Categories
Housing and Urban Affairs
Sponsors (2)
Last Action
Introduced, Referred to Assembly Housing Committee (on 01/13/2026)
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/2026/A2426 |
| BillText | https://pub.njleg.gov/Bills/2026/A2500/2426_I1.HTM |
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