Increases gross income tax credit for homestead property taxes paid from $50 to $200.

This bill increases New Jersey's refundable tax credit for property taxes paid on a primary residence (homestead) from $50 to $200. It directly affects homeowners and tenants who pay property taxes or rent that includes property taxes on their primary residence, including seniors aged 65+ and qualifying blind or disabled taxpayers. Instead of claiming a property tax deduction, eligible taxpayers can now choose a flat $200 credit against their income tax, which is refundable (meaning they receive cash even if they owe no tax). The change applies to taxable years beginning after enactment and is designed to provide greater tax relief for qualifying residents.