S.3730

New Jersey S3730 allows a gross income tax deduction for functional improvements and home repairs made to a taxpayer's primary residence.

New Jersey S3730 provides a gross income tax deduction for functional improvements and repair and maintenance expenses on a taxpayer's primary residence. This deduction applies to both property owners and renters. "Functional improvement expenses" refer to costs that materially improve the operating condition and extend the useful life of the residence, while "repair and maintenance expenses" cover costs to keep the home in efficient operating condition. The bill does not limit the amount of expenses that can be claimed.