The bill revises the definition of "income" for the homestead property tax reimbursement and Stay NJ property tax benefit programs by including all New Jersey gross income required to be reported under the New Jersey Gross Income Tax Act, while excluding certain exemptions, exclusions, or deductions. It also modifies the eligibility criteria for the Stay NJ program, reducing the income threshold for eligible claimants from $500,000 to $250,000. This change aims to enhance accessibility for lower-income residents and clarifies various terms related to property ownership and tax benefits.

Furthermore, the bill establishes a tiered benefit structure for the Stay NJ program starting in tax year 2027, where eligible claimants with gross income not exceeding $175,000 will receive a maximum benefit of $6,500, while those with income between $175,000 and $225,000 will receive $5,000, and those with income between $225,000 and $250,000 will receive $4,500. The maximum benefit amounts will increase annually based on the average residential property tax bill's percentage increase, with the maximum credit for tax year 2026 set at $6,500 and adjustments beginning in 2027.

Statutes affected:
Introduced: 54:4-8.67, 54:4-8.75