Establishes New Jersey First-Time Home Buyer Savings Account Program; provides gross income tax benefits for certain contributions to and earnings on assets maintained in accounts established under program.

New Jersey's S 1391 establishes a state program that allows certified first-time home buyers to open special savings accounts at participating banks or credit unions. These accounts offer gross income tax benefits on both contributions (up to $15,000 annually or $75,000 lifetime) and earnings, with assets capped at $150,000 per year. Withdrawals are tax-free only when used for qualified home purchase expenses like down payments, closing costs, or inspection fees. The New Jersey Housing and Mortgage Finance Agency certifies eligible buyers and oversees the program, which requires financial institutions to partner with the agency to administer the accounts.