New Jersey A4474 provides a gross income tax credit for homeowners' association payments used for infrastructure improvements in common interest.
New Jersey A4474 introduces a gross income tax credit for homeowners' association payments used for infrastructure improvements within common interest communities. Eligible taxpayers must be members of a homeowners' association and reside in a common interest community. The credit amount equals the portion of homeowners' association assessments allocated to infrastructure improvements, defined as 18% of total assessments. Taxpayers must submit a certification from their homeowners' association when filing their tax return. The credit is refundable if it exceeds the taxpayer's tax liability.
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