The bill amends various sections of P.L.2023, c.75 to enhance the Stay NJ property tax credit program, which offers eligible claimants 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. The bill outlines specific eligibility criteria, including age and income requirements, and allows the credit to be claimed alongside the ANCHOR rebate and homestead property tax reimbursement, as long as the total does not exceed the maximum allowable amount. Additionally, it mandates the creation of a combined application form for these benefits, streamlining the process for residents and ensuring timely distribution of credits.

Furthermore, the bill clarifies definitions related to homestead property tax rebates and expands eligibility to include residents of continuing care retirement communities and cooperatives. It establishes a dedicated account for property tax benefits for homeowners aged 65 and older and creates the Stay NJ Task Force to recommend a streamlined property tax relief program for seniors with incomes under $500,000. The bill also revises provisions regarding the unauthorized disclosure of sensitive information by state employees, imposes penalties for violations, and updates property tax deduction provisions under the New Jersey Gross Income Tax Act, allowing deductions for property tax credits and taxes paid, with specific limits based on income levels.

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