Bill
Bill > A1516
NJ A1516
NJ A1516Increases 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
01/09/2018
01/09/2018
In Committee
01/09/2018
01/09/2018
Crossed Over
Passed
Dead
01/08/2020
01/08/2020
Introduced Session
2018-2019 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 actual inflation from 1983 to 2013. Going forward, the income limit will be adjusted annually based on changes in the Consumer Price Index to ensure the limit remains realistic. However, the bill will only take effect once voters approve a constitutional amendment authorizing the increase in the income limit.
Committee Categories
Government Affairs
Sponsors (4)
Last Action
Introduced, Referred to Assembly State and Local Government Committee (on 01/09/2018)
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| BillText | https://www.njleg.state.nj.us/2018/Bills/A2000/1516_I1.HTM |
| Bill | https://www.njleg.state.nj.us/2018/Bills/A2000/1516_I1.PDF |
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