New Jersey A2680 increases tax relief for residential tenants by raising the cap on rent defined as "rent constituting property taxes" and changing.

New Jersey A2680 increases gross income tax relief for residential tenants by raising the cap on the amount of rent defined as "rent constituting property taxes" from 18 percent to 30 percent. The bill also changes the gross income tax deduction for residential tenants to a refundable gross income tax credit of up to $15,000 for "rent constituting property taxes." This change will reduce residential tenants' tax burdens by providing a more substantial tax credit. The credit can be applied in proportion to the rent paid by each tenant if multiple tenants occupy the same unit.

New Jersey A2680 increases tax relief for residential tenants by raising the cap on rent defined as "rent constituting property taxes" and changing.

New Jersey A2680 increases gross income tax relief for residential tenants by raising the cap on the amount of rent defined as "rent constituting property taxes" from 18 percent to 30 percent. The bill also changes the gross income tax deduction for residential tenants to a refundable gross income tax credit of up to $15,000 for "rent constituting property taxes." This change will reduce residential tenants' tax burdens by providing a more substantial tax credit. The credit can be applied in proportion to the rent paid by each tenant if multiple tenants occupy the same unit.