This bill allows taxpayers in New Jersey to deduct up to $45,000 from their gross income for expenses related to the removal of lead, asbestos, and other contaminants from their residential properties, regardless of their income level. Eligible expenses include lead-based paint hazard abatement performed by certified contractors, asbestos hazard abatement by licensed contractors, replacement of lead water service lines and plumbing, remediation of contaminated soil, and replacement of leaded windows. Additionally, taxpayers with private well water contaminated with excessive sodium or chloride levels can deduct costs for installing water treatment systems, replacing pipes, and upgrading septic systems.

To qualify for these deductions, taxpayers must submit affidavits from their municipalities confirming the work done and the amounts paid. The bill also mandates that the Director of the Division of Taxation establish standards for documenting eligibility. Furthermore, taxpayers can claim deductions for expenses incurred from January 1, 2018, until the first taxable year following the bill's enactment. The provisions of this bill will expire on December 31, 2027.