New Jersey S4803 allows a gross income tax deduction for certain homeowners association assessments for a taxpayer's principal residence.

New Jersey S4803 provides a gross income tax deduction for certain homeowners association assessments made for a taxpayer's principal residence. This deduction applies to assessments from qualified homeowners associations, which include condominium management associations and residential real estate management associations, but exclude timeshare associations. The bill takes effect immediately for taxable years beginning on or after the date of enactment.

New Jersey S4803 allows a gross income tax deduction for certain homeowners association assessments for a taxpayer's principal residence.

New Jersey S4803 provides a gross income tax deduction for certain homeowners association assessments made for a taxpayer's principal residence. This deduction applies to assessments from qualified homeowners associations, which include condominium management associations and residential real estate management associations, but exclude timeshare associations. The bill takes effect immediately for taxable years beginning on or after the date of enactment.