Increases gross income tax relief based on rent constituting property taxes for residential tenants and establishes refundable gross income tax credit in place of gross income tax deduction for residential tenants.

This bill would change New Jersey's tax code to provide greater relief for residential tenants who rent their primary residence. It increases the portion of rent that counts toward tax relief from 18% to 30%, and converts the tax deduction for renters into a refundable tax credit. The credit would be capped at $15,000 per taxpayer for rent paid on their primary residence. This change would directly benefit renters who use their rental unit as their main home, potentially providing them with a tax refund even if they don't owe income tax.