New Jersey S1821 allows renters with high housing costs a gross income tax credit.

New Jersey S1821 establishes a refundable gross income tax credit for renters whose rent exceeds 35 percent of their gross income. The credit amount varies based on income and location, with a maximum of $1,000. Renters with incomes up to $25,000 qualify for 100 percent of the excess rent, while those with incomes between $25,000 and $50,000 qualify for 75 percent. Renters with incomes between $50,000 and $60,000 qualify for 50 percent if they do not reside in a high-cost area. The credit is applied against the tax due and can be received in monthly installments.

New Jersey S1821 allows renters with high housing costs a gross income tax credit.

New Jersey S1821 establishes a refundable gross income tax credit for renters whose rent exceeds 35 percent of their gross income. The credit amount varies based on income and location, with a maximum of $1,000. Renters with incomes up to $25,000 qualify for 100 percent of the excess rent, while those with incomes between $25,000 and $50,000 qualify for 75 percent. Renters with incomes between $50,000 and $60,000 qualify for 50 percent if they do not reside in a high-cost area. The credit is applied against the tax due and can be received in monthly installments.