Increases and indexes maximum homestead property tax deduction under gross income tax.

This bill increases New Jersey's maximum homestead property tax deduction from $15,000 to $17,000 for tax year 2020. Starting in 2021, the maximum deduction amount will be automatically adjusted annually based on the cost-of-living adjustment using the Consumer Price Index. The adjustment will be rounded to the nearest $5 increment. This change affects homeowners and tenants who claim the homestead property tax deduction on their New Jersey gross income tax returns for their principal residence. The bill aims to help taxpayers keep up with rising property tax costs by increasing and indexing the deduction amount.