New Jersey A1000 allows renters with high rent burdens a gross income tax credit.
New Jersey A1000 establishes a refundable gross income tax credit for renters whose rent exceeds 35 percent of their gross income. The credit amount varies based on the taxpayer's gross income and whether they reside in a high-cost area. Eligible taxpayers can claim up to $1,000 in credits, with percentages ranging from 50 to 100 percent of the excess rent. The credit is authorized retroactively, allowing taxpayers to file amended returns for the previous year. The bill also allows taxpayers receiving housing subsidies to elect a credit based on unsubsidized rent.
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