Increases, from 18 percent to 30 percent, amount of rental payments defined as rent constituting property taxes for purposes of deduction from gross income for property tax payments.

Summary

The bill amends New Jersey’s Property Tax Deduction Act so that renters can treat 30% of their rent as property‑tax payments when calculating the $15,000 income‑tax deduction. It applies to tenants who use a rental unit as their principal residence, including manufactured homes in mobile parks. The change is intended to lower taxable income for eligible renters.

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