Increases maximum gross income tax deduction for homestead property taxes paid to $25,000.

This bill (S 3261) increases the maximum annual deduction for property taxes paid on a primary residence (homestead) from $15,000 to $25,000 for New Jersey residents filing state income taxes. It directly affects homeowners who itemize deductions on their state tax returns, allowing them to reduce taxable income by up to $25,000 in annual property taxes paid. The key change modifies Section 3 of the New Jersey Gross Income Tax Act to raise the cap, while maintaining existing rules about eligibility (e.g., primary residence requirement, limits for higher-income taxpayers). This is a direct policy change to tax benefits, not a procedural or commemorative measure.