New Jersey S2521 allows taxpayers to deduct the total amount of state property taxes paid on their principal residence from their gross income tax.

New Jersey S2521 amends the state's gross income tax law to permit taxpayers to deduct the total amount of state property taxes paid on their principal residence from their gross income tax obligation. This bill applies to taxable years beginning on or after January 1, 2022. It allows a deduction for property taxes paid on a homestead that is not a unit of residential rental property and the amount of rent constituting property taxes paid for the occupancy of a homestead that is a unit of residential rental property.

New Jersey S2521 allows taxpayers to deduct the total amount of state property taxes paid on their principal residence from their gross income tax.

New Jersey S2521 amends the state's gross income tax law to permit taxpayers to deduct the total amount of state property taxes paid on their principal residence from their gross income tax obligation. This bill applies to taxable years beginning on or after January 1, 2022. It allows a deduction for property taxes paid on a homestead that is not a unit of residential rental property and the amount of rent constituting property taxes paid for the occupancy of a homestead that is a unit of residential rental property.