The bill amends various sections of P.L.2023, c.75, to enhance the Stay NJ property tax credit program, which provides eligible claimants with a property tax credit of 50% of the property tax billed on their principal residence from the previous tax year, with a maximum credit of $6,500 for tax year 2026. It clarifies that tenants in cooperatives or continuing care communities will receive credits based on their share of property taxes and ensures that total benefits from the Stay NJ credit, ANCHOR rebate, and homestead property tax reimbursement do not exceed a specified maximum. Additionally, the bill mandates a combined application form for these benefits to be available by February 1, 2025, streamlining the application process for residents.

The bill also establishes the Stay NJ Task Force to develop recommendations for a streamlined property tax relief program for seniors earning under $500,000 annually, with a report due by May 30, 2024. It revises definitions related to homestead property tax rebates and eligibility criteria, including provisions for tenants in continuing care retirement communities. The timeline for ANCHOR rebate payments is updated to require payments by September 15 of each tax year, and the bill introduces a single combined application process for homestead property tax reimbursement starting from February 1 for future tax years. Furthermore, it addresses unauthorized disclosure of sensitive information by state employees and revises the property tax deduction framework for resident taxpayers, ensuring clarity and efficiency in the administration of property tax benefits.

Statutes affected:
Introduced: 54:4-8.75, 54:4-8.57, 54:4-8.58, 54:4-8.67, 54:4-8.70, 54:4-8.71, 47:1B-3, 54A:3A-17, 54A:3A-19
Advance Law: 54:4-8.75, 54:4-8.57, 54:4-8.58, 54:4-8.67, 54:4-8.70, 54:4-8.71, 47:1B-3, 54A:3A-17, 54A:3A-19
Pamphlet Law: 54:4-8.75, 54:4-8.57, 54:4-8.58, 54:4-8.67, 54:4-8.70, 54:4-8.71, 47:1B-3, 54A:3A-17, 54A:3A-19