Increases the property tax deduction for certain tenants in New Jersey from 18% to 30% of rent paid.

This bill amends the "Property Tax Deduction Act" to increase the amount of rent defined as "rent constituting property taxes" for tenants with annual gross incomes of $150,000 or less from 18 percent to 30 percent. This change would allow eligible taxpayers to deduct a higher amount of rent from their gross income, thereby lowering the amount of gross income subject to taxation and reducing a tenant’s tax burden. The bill maintains the current deduction rate of 18 percent for tenants with annual gross incomes over $150,000.

Increases the property tax deduction for certain tenants in New Jersey from 18% to 30% of rent paid.

This bill amends the "Property Tax Deduction Act" to increase the amount of rent defined as "rent constituting property taxes" for tenants with annual gross incomes of $150,000 or less from 18 percent to 30 percent. This change would allow eligible taxpayers to deduct a higher amount of rent from their gross income, thereby lowering the amount of gross income subject to taxation and reducing a tenant’s tax burden. The bill maintains the current deduction rate of 18 percent for tenants with annual gross incomes over $150,000.