Provides temporary gross income tax credit to first time home buyers and seniors.

This bill provides a temporary 25% credit against New Jersey gross income tax for eligible first-time homebuyers (who purchased a home in 2019, 2020, or 2021) and seniors aged 65+ who are state residents. The credit covers up to $2,500 per year of property taxes paid on their primary home. If the credit exceeds the taxpayer’s income tax liability, the remaining amount is refunded. The credit applies only for tax years 2019 through 2021.