The bill amends various sections of P.L.2023, c.75 to establish and clarify the Stay NJ property tax credit program, which provides eligible claimants with a property tax credit of 50% of the property tax billed to their principal residence in the prior tax year, with a maximum credit of $6,500 for tax year 2026. It outlines eligibility criteria, including age and income requirements, and allows tenants in cooperatives or continuing care retirement communities to claim the credit based on their proportionate share of property taxes. The bill also mandates 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 creates a dedicated account for property tax benefits for homeowners aged 65 and older and establishes the Stay NJ Task Force to develop recommendations for a streamlined property tax relief program for senior citizens with incomes under $500,000. It clarifies definitions related to homestead property tax rebates and eligibility criteria, expands the definition of "homestead" to include various types of residency, and introduces a new timeline for filing applications for homestead property tax reimbursement. The bill also revises provisions regarding unauthorized disclosure of sensitive information by state officers and employees, establishes penalties for violations, and clarifies property tax deduction provisions under the New Jersey Gross Income Tax Act, ensuring that the application process for property tax relief is more accessible and efficient.

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