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

This New Jersey bill creates a refundable tax credit for renters whose rent exceeds 35% of their gross income. It directly affects low-to-moderate income residents (earning $60,000 or less annually) who live in their primary home and pay rent above that threshold. The credit amount varies: 100% of excess rent (up to $1,000) for those earning under $50,000 in high-cost areas or under $25,000 elsewhere; 75% for those earning $25,000-$60,000; and 50% for higher earners outside high-cost areas. The credit applies retroactively to the previous tax year, requiring eligible taxpayers to file amended returns within 90 days of the bill's enactment to claim it.