New Jersey A4122 provides a refundable gross income tax credit for early principal payments on certain home mortgages.

New Jersey A4122 introduces a refundable gross income tax credit for early principal payments on certain home mortgages. The credit is equal to 50 percent of the excess home mortgage principal payments made during the taxable year on the taxpayer's principal residence, up to a maximum of $1,000 per year. This credit applies to purchase money mortgages or refinanced purchase money mortgages that are for a primary residence, have a term between 15 and 30 years, and require payments that are each the same amount and made in equal intervals.

New Jersey A4122 provides a refundable gross income tax credit for early principal payments on certain home mortgages.

New Jersey A4122 introduces a refundable gross income tax credit for early principal payments on certain home mortgages. The credit is equal to 50 percent of the excess home mortgage principal payments made during the taxable year on the taxpayer's principal residence, up to a maximum of $1,000 per year. This credit applies to purchase money mortgages or refinanced purchase money mortgages that are for a primary residence, have a term between 15 and 30 years, and require payments that are each the same amount and made in equal intervals.