Provides refundable gross income tax credit for early principal payments on certain home mortgages.

This bill creates a refundable tax credit for New Jersey residents who make extra principal payments on their primary home mortgages beyond required monthly payments. The credit covers 50% of these extra payments, up to $1,000 annually, but phases out for higher earners: single filers with income between $125,000-$135,000 and married couples filing jointly with income between $250,000-$270,000. To qualify, mortgages must be for a primary residence, have a 15-30 year term, and require equal monthly payments (a "traditional mortgage"). The credit can be claimed for up to 10 consecutive years.