Allows gross income tax credits to certain renters whose rent exceeds 35 percent of gross income.

This bill creates a refundable tax credit for New Jersey renters with low incomes who spend more than 35% of their earnings on rent. It directly helps residents earning under $60,000 annually who live in areas with high housing costs or lower-cost areas, based on income thresholds. The credit covers 50% to 100% of rent exceeding 35% of income (capped at $1,000 per year), with higher rates for lower-income renters. Renters receiving federal or state housing subsidies can instead claim a credit based on their unsubsidized rent. The credit applies retroactively to the previous tax year, requiring eligible taxpayers to file an amended return within 90 days of the bill’s enactment.