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Bill > A1483

NJ A1483

NJ A1483
Provides temporary gross income tax credit to first time home buyers and seniors.

summary

Introduced
01/13/2026
In Committee
01/13/2026
Crossed Over
Passed
Dead

Introduced Session

2026-2027 Regular Session

Bill Summary

This bill provides temporary but immediate property tax relief to first time home buyers and senior citizens while a structural solution for relief from high property taxes is developed. Pursuant to the bill, a gross income tax credit is provided to eligible taxpayers in the amount of 25 percent of the taxpayer's property taxes each year from 2019 through 2021, up to $2,500. If the value of the credit is more than what the taxpayer owes for income taxes, the amount of credit left over will be paid to the taxpayer. To be eligible for the credit, a taxpayer must have bought the home in 2019, 2020, or 2021, or instead, be at least 65 years old.

AI Summary

This bill provides a temporary tax credit for New Jersey residents who are either first-time homebuyers or at least 65 years old, offering relief from property taxes for the tax years 2019, 2020, and 2021. Eligible taxpayers can receive a credit equal to 25% of their property taxes paid, up to a maximum of $2,500 annually. If the credit amount exceeds the taxpayer's income tax liability, the remaining balance will be refunded to them. To qualify as a first-time homebuyer, an individual must have purchased a home in 2019, 2020, or 2021 and not have previously owned a home. Senior citizens qualify if they are 65 years or older by the end of the tax year. The bill also outlines how the credit is applied for co-owners of property and allows for immediate regulatory action to implement the program.

Committee Categories

Housing and Urban Affairs

Sponsors (6)

Last Action

Introduced, Referred to Assembly Housing Committee (on 01/13/2026)
(1 Companion Bills)

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Document Type Source Location
State Bill Page https://www.njleg.state.nj.us/bill-search/2026/A1483
BillText https://pub.njleg.gov/Bills/2026/A1500/1483_I1.HTM
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