S.820

New Jersey S820 allows a gross income tax deduction for functional improvements and home repairs on a taxpayer's primary residence.

New Jersey S820 introduces a gross income tax deduction for functional improvements and home repairs made to a taxpayer's primary residence. This deduction applies to expenses that materially improve the operating condition and prolong the useful life of the residence, as well as repair and maintenance expenses that maintain the property in an efficient operating condition. The deduction is available to both property owners and renters. The bill takes effect immediately for taxable years beginning on or after January 1 following its enactment.