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Bill > A3548

NJ A3548

NJ A3548
Increases annual income limitation for senior and disabled citizens' eligibility for $250 property tax deduction and bases future annual income limitations on annual CPI changes.

summary

Introduced
04/04/2016
In Committee
04/04/2016
Crossed Over
Passed
Dead
01/08/2018

Introduced Session

2016-2017 Regular Session

Bill Summary

This bill increases the annual income limit for seniors and disabled persons to be eligible for an annual property tax deduction. The income limit increase reflects an increase in cost of living. The income limit increase from $10,000 to $20,000 reflects actual inflation from 1983 to 2013, and the annual income limit change thereafter will reflect the actual cost of living change for the past year. The bill uses the Consumer Price Index to determine increases in years after 2014 to ensure that the income limits remain realistic. The bill takes effect immediately, but will remain inoperative until the voters approve a constitutional amendment authorizing an increase in the income limit from $10,000 to $20,000, and annual increases thereafter.

AI Summary

This bill increases the annual income limit for seniors and disabled persons to be eligible for an annual $250 property tax deduction. The income limit is increased from $10,000 to $20,000, reflecting the actual inflation from 1983 to 2013. After 2014, the income limit will be adjusted annually based on the Consumer Price Index to ensure the limit remains realistic. The bill will only take effect after the approval of a constitutional amendment authorizing the increase in the income limit.

Committee Categories

Budget and Finance

Sponsors (4)

Last Action

Introduced, Referred to Assembly Appropriations Committee (on 04/04/2016)
(1 Companion Bills)

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