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.
This bill provides a temporary tax credit for New Jersey residents who are either first-time homebuyers (purchasing a home in 2019, 2020, or 2021) or seniors aged 65+ during the tax year. Eligible taxpayers receive a credit equal to 25% of their property taxes paid on their primary home, capped at $2,500 per year. The credit reduces income tax liability, and any unused portion is refunded directly to the taxpayer. The credit applies only for tax years 2019 through 2021, offering short-term relief for qualifying homeowners.
This bill creates a $1,500 nonrefundable tax credit for New Jersey residents who meet specific criteria: graduating from a New Jersey high school and a New Jersey institution of higher education with a 3.5+ GPA, then working full-time (25+ hours/week) for a New Jersey employer within two years of graduation. The credit applies only to the first five consecutive tax years of eligible employment and cannot reduce tax liability below zero. It directly affects New Jersey graduates who pursue higher education and employment within the state, aiming to encourage retention in the state workforce. The credit is limited to undergraduate degree holders from public or private NJ institutions meeting the GPA and employment requirements.
This bill proposes a New Jersey tax credit for businesses that hire formerly incarcerated individuals. Businesses would receive a 10% credit on qualified wages paid to these employees (capped at $1,200 per person per tax year), provided they hire at least 25% formerly incarcerated new employees and maintain 50% of those hires from the previous year. To qualify, employees must be in sustained employment (at least 185 business days) and businesses must conduct targeted recruitment for formerly incarcerated individuals and their immediate families. The bill includes safeguards against abuse, such as denying credits if businesses displace other workers solely to claim the credit, and prevents double-dipping with other state tax credits.
This bill creates a 35% tax credit for New Jersey theater production companies covering eligible "pre-Broadway" (shows preparing for Broadway) and "post-Broadway" (shows starting national tours after NYC runs) productions. It directly affects theater companies performing at qualified venues (350+ seats) in New Jersey, allowing them to offset up to 35% of production costs like sets, payroll, and advertising. Companies must apply to the New Jersey Economic Development Authority (NJEDA), with credits capped at $10 million annually per fiscal year. The credit applies to specific expenditures including venue use, crew wages, and marketing, but cannot reduce tax liability below minimums or be carried forward beyond three years.
ACR 32 proposes a constitutional amendment requiring New Jersey to create a property tax credit for seniors. It would provide a 50% credit on primary residence property taxes (capped at $10,000 annually) for residents aged 65 or older, with no income restrictions. The credit would be paid directly by the state to the municipality where the home is located, and surviving spouses who meet age and residency requirements would retain the credit. This amendment, if approved by voters, would enshrine this tax relief permanently in the state constitution.
S 3350 creates a New Jersey tax credit for residents with gross income under $150,000 who pay full-time tuition at qualifying in-state institutions. It provides a 10% credit on tuition costs, capped at $1,000 per year, for either the taxpayer’s own education or for dependents under age 22. The credit applies to four-year public colleges, county colleges, and accredited vocational schools in New Jersey. Taxpayers cannot claim this credit if they already deducted the tuition for the dependent or if a parent claimed it for them. The credit is available for taxable years starting January 1 after the bill’s enactment.
This New Jersey bill would create a tax credit for parents or guardians homeschooling children or dependents, allowing them to deduct up to $2,500 per child in qualified education expenses from their state income tax, with a maximum annual credit of $7,500. Taxpayers homeschooling a child with special needs would receive an additional $1,000 per child, raising the maximum annual credit to $10,500. Qualified expenses include textbooks, educational software, school supplies, internet fees, and materials like computers or desks used for homeschooling. The credit applies to taxpayers with gross income under $260,000 and requires filing an application if no tax is owed.
This New Jersey bill provides a 10% tax credit for businesses that invest in manufacturing equipment, renovate or expand facilities, or hire and train new employees within designated Smart Growth Areas. It directly affects manufacturers operating in specific growth zones, such as urban enterprise zones or transit villages, by reducing their corporation business tax liability. The credit covers 10% of costs for new equipment, facility improvements, or hiring/training (with employees retained for 365 days), but cannot exceed 50% of the tax owed. Unused credits may be carried forward for up to seven years. The bill prohibits using this credit alongside other existing tax credits for the same expenses.
Bill A-663 provides a New Jersey gross income tax credit of up to $1,000 per year for taxpayers who pay more than $1,000 in E-ZPass tolls on state toll roads during a taxable year. It directly affects commuters who use electronic toll collection (E-ZPass) and incur significant toll expenses, excluding fines, administrative fees, or tolls reimbursed by employers. The credit is calculated by subtracting the $1,000 threshold from total eligible tolls paid, with any unused credit refunded as an overpayment. The bill applies to taxable years beginning January 1, 2020, and explicitly excludes tolls already deductible for federal tax purposes.
