The bill amends various sections of P.L.2023, c.75 to enhance the Stay NJ property tax credit program, which provides property tax relief primarily to seniors aged 65 and older. Key amendments include clarifying definitions related to property ownership, such as "homestead," "condominium," and "cooperative," and establishing eligibility criteria, including income limits. The Stay NJ property tax credit will now offer a credit of 50% of the property tax billed to the claimant's principal residence, with a maximum credit amount of $6,500 for tax year 2026, adjusted annually thereafter. The bill also introduces a combined application form for the Stay NJ property tax credit, the ANCHOR property tax rebate, and the homestead property tax reimbursement program, streamlining the application process for residents.

Additionally, the bill establishes the Stay NJ Task Force to develop recommendations for a streamlined property tax relief program for seniors with incomes under $500,000, with a report due by May 30, 2024. It clarifies the eligibility criteria for homestead rebates, including income limits and residency requirements, and specifies that ANCHOR rebates will be paid by September 15 of each tax year. The bill also revises provisions regarding the unauthorized disclosure of sensitive information by state officers and employees, imposing penalties for violations. Furthermore, it allows deductions for property taxes under the New Jersey Gross Income Tax Act, with specific income limitations for eligibility.

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