New Jersey A1483 offers a temporary gross income tax credit to first-time home buyers and seniors.

New Jersey A1483 provides a temporary gross income tax credit to eligible taxpayers. The credit is equal to 25 percent of the property tax paid on a qualified residential property, up to $2,500. Eligible taxpayers include first-time home buyers who purchased a home in 2019, 2020, or 2021, and seniors aged 65 or older. The credit applies to taxable years 2019, 2020, and 2021. If the credit exceeds the tax owed, the excess is refunded to the taxpayer. The act aims to provide immediate property tax relief while a long-term solution is developed.

New Jersey A1483 offers a temporary gross income tax credit to first-time home buyers and seniors.

New Jersey A1483 provides a temporary gross income tax credit to eligible taxpayers. The credit is equal to 25 percent of the property tax paid on a qualified residential property, up to $2,500. Eligible taxpayers include first-time home buyers who purchased a home in 2019, 2020, or 2021, and seniors aged 65 or older. The credit applies to taxable years 2019, 2020, and 2021. If the credit exceeds the tax owed, the excess is refunded to the taxpayer. The act aims to provide immediate property tax relief while a long-term solution is developed.