Provides gross income tax deduction for homeowner's payments of certain homeowners association assessments.

Summary

The bill would let New Jersey residents who pay specific homeowners‑association assessments subtract those payments from their gross income when filing state income tax. This reduces the tax bill for eligible homeowners and encourages timely payment of HOA fees. It applies only to homeowners who belong to an association and to assessments that the legislation identifies as deductible.

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