Provides refundable gross income tax credit for early principal payments on certain home mortgages.

This bill would create a refundable tax credit for New Jersey residents who make extra principal payments on their primary home mortgage beyond the required minimums. The credit equals 50% of the excess payments (up to $1,000 annually) for mortgages on a primary residence that qualify as "traditional" (15-30 year loans with level payments). It applies only to single filers with income between $125,000-$135,000 or joint filers with income between $250,000-$270,000, with the credit amount reduced based on income in these ranges. The credit cannot be claimed for more than 10 consecutive tax years.