Bill
Bill > S2235
NJ S2235
NJ S2235Increases 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
03/08/2018
03/08/2018
In Committee
03/08/2018
03/08/2018
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 2018, 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 2019 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 being raised from $10,000 to $20,000 to reflect actual inflation from 1983 to 2018. Going forward, the income limit will be adjusted annually based on changes in the Consumer Price Index to ensure the limit remains realistic. The bill will not take effect until voters approve a constitutional amendment authorizing the increase in the income limit.
Committee Categories
Health and Social Services
Sponsors (1)
Last Action
Introduced in the Senate, Referred to Senate Health, Human Services and Senior Citizens Committee (on 03/08/2018)
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/S2500/2235_I1.HTM |
| Bill | https://www.njleg.state.nj.us/2018/Bills/S2500/2235_I1.PDF |
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