This bill amends the Property Tax Deduction Act to enhance tax relief for property taxpayers in New Jersey. It increases the percentage of rent that can be classified as "rent constituting property taxes" from 18% to 30% of the rent paid by tenants for their principal residence. This change allows eligible taxpayers to deduct a larger portion of their rent from their gross income, thereby reducing their taxable income and overall tax burden.

Additionally, the bill raises the property tax credit available to certain individuals from $50 to $250. This credit is applicable to state gross income taxpayers, as well as residents aged 65 and older or those who qualify as blind or disabled but are not subject to gross income tax. By increasing both the rent deduction and the property tax credit, the bill aims to provide greater financial relief to those who pay property taxes or rent constituting property taxes.

Statutes affected:
Introduced: 54A:3A-16, 54A:3A-20