Allows gross income tax deduction for functional improvements and home repairs made to taxpayer's primary residence.

This bill allows New Jersey taxpayers to deduct the cost of functional improvements and repairs to their primary residence from their gross income. It applies to homeowners and renters, covering expenses that materially improve a home's operating condition or prolong its useful life, as well as costs to keep the home in efficient working order. The deduction excludes aesthetic remodels or changes that adapt a home for new uses, and married couples filing separately can each claim half of the shared expense. The measure takes effect for taxable years beginning after the bill is enacted.