New Jersey A1186 allows taxpayers to deduct the full amount of state property taxes paid on their principal residence from their gross income tax.

New Jersey A1186 amends the state's gross income tax law to permit taxpayers to deduct the total amount of state property taxes paid on their principal residence from their gross income tax obligation. Previously, taxpayers could only deduct up to $15,000 of property taxes. This bill removes that cap, allowing full deduction of property taxes paid. The change applies to taxable years beginning on or after January 1, 2022.

New Jersey A1186 allows taxpayers to deduct the full amount of state property taxes paid on their principal residence from their gross income tax.

New Jersey A1186 amends the state's gross income tax law to permit taxpayers to deduct the total amount of state property taxes paid on their principal residence from their gross income tax obligation. Previously, taxpayers could only deduct up to $15,000 of property taxes. This bill removes that cap, allowing full deduction of property taxes paid. The change applies to taxable years beginning on or after January 1, 2022.