Bill > S3312

Introduced Session

This bill modifies the eligibility criteria for the Stay NJ property tax credit program ("Stay NJ") to include State residents who relocate to another homestead in New Jersey so long as the resident is the owner of any homestead in the State for the duration of the tax year. The Stay NJ program provides eligible claimants a property tax credit equal to 50 percent of the claimant's property taxes paid on their principal residences during the prior tax year, up to an initial maximum of $6,500, with future increases based on the average increase in property tax bills in subsequent years. In order to receive a Stay NJ benefit, an eligible claimant is required to be a State resident 65 years of age or older, own a homestead in the State for all of the prior tax year, and have an income of less than $500,000 in the prior tax year. Under current law, a State resident who relocates to another homestead during the prior tax year would not qualify under the Stay NJ program. The bill modifies the program's eligibility requirements to include these individuals, provided that all other eligibility requirements are met. Specifically, the bill provides that an eligible claimant would include the owner of a homestead in this State who relocates to another homestead in the State during the prior tax year so long as the claimant is the owner of any homestead in the State, including both the claimant's current and prior homesteads, for the duration of that prior tax year and satisfies all other program eligibility requirements. The amount of the Stay NJ benefit provided to these claimants would be based on the amount of property taxes paid by the claimant for the period of time in which the claimant owned and occupied each homestead as the claimant's principal residence.

AI Summary

Committee Categories

Carmen Amato (R)*,  Jon Bramnick (R),  Parker Space (R), 

Introduced in the Senate, Referred to Senate Community and Urban Affairs Committee (on 02/05/2026)

Official Document