New Jersey S1759 increases the deduction for rent constituting property taxes and the property tax credit for certain individuals.

New Jersey S1759 amends the “Property Tax Deduction Act” to increase the amount of rent defined as “rent constituting property taxes” from 18 percent to 30 percent of the rent paid by the taxpayer for occupancy during the taxable year of a unit of residential rental property. This change allows eligible gross income taxpayers to deduct a higher amount of rent from their gross income, thereby lowering the amount of the taxpayer’s gross income subject to taxation and reducing a tenant’s tax burden.

New Jersey S1759 increases the deduction for rent constituting property taxes and the property tax credit for certain individuals.

New Jersey S1759 amends the “Property Tax Deduction Act” to increase the amount of rent defined as “rent constituting property taxes” from 18 percent to 30 percent of the rent paid by the taxpayer for occupancy during the taxable year of a unit of residential rental property. This change allows eligible gross income taxpayers to deduct a higher amount of rent from their gross income, thereby lowering the amount of the taxpayer’s gross income subject to taxation and reducing a tenant’s tax burden.