New Jersey A2426 increases the gross income tax credit for homestead property taxes from $50 to $200.

New Jersey A2426 amends the state's gross income tax law to increase the tax credit for homestead property taxes paid from $50 to $200. This change applies to taxpayers who paid property taxes or rent constituting property taxes on a homestead during the calendar year. The credit is an alternative to the deduction provided under certain sections of the New Jersey Gross Income Tax Act. The bill also specifies that the credit will be paid as a refund of overpayment and outlines the application process for qualified taxpayers.

New Jersey A2426 increases the gross income tax credit for homestead property taxes from $50 to $200.

New Jersey A2426 amends the state's gross income tax law to increase the tax credit for homestead property taxes paid from $50 to $200. This change applies to taxpayers who paid property taxes or rent constituting property taxes on a homestead during the calendar year. The credit is an alternative to the deduction provided under certain sections of the New Jersey Gross Income Tax Act. The bill also specifies that the credit will be paid as a refund of overpayment and outlines the application process for qualified taxpayers.