This bill imposes an annual $20,000 tax on entities owning more than 20 single-family homes in New Jersey as of the last day of the tax year. It targets large investors like hedge funds, private equity firms, and real estate investment trusts (REITs), but excludes nonprofits, homeowners who build/rehab homes, and owners of federally subsidized housing. Revenue from this tax will fund down payment assistance programs for first-time homebuyers seeking family ownership. The tax applies to each home above the 20-home threshold, with reporting due quarterly and specific exemptions for certain sales or ownership reductions.
This bill requires New Jersey school districts to obtain approval from the Commissioner of Education and the Local Finance Board for any lease of school buildings exceeding 20 years. It authorizes districts to enter into 20-year lease purchase agreements for school building improvements or additions, provided the agreement fits within the district's tax levy growth limit and won't require additional voter approval for existing programs. The lease payments must be included in the annual budget, and the bill clarifies that such agreements will be treated as district property for tax purposes. It directly affects all public school districts in New Jersey seeking long-term building leases or improvements.
This bill changes how New Jersey allocates revenue from hotel and motel occupancy fees, directing 100% of the funds to arts, historical heritage, and tourism programs instead of the previous 40%. It specifies exact percentages: 56.7% for the State Council on the Arts (with a minimum $31.9 million annually after 2021), 9.6% for the Historical Commission ($5.5 million minimum), 31.9% for tourism advertising ($17.6 million minimum), and 1.8% for the Cultural Trust ($720,000 minimum). The bill directly affects hotels, motels, and online booking platforms (like Airbnb) that collect and remit this fee. It ensures these funds are legally required to be spent on designated cultural and tourism purposes, with minimum annual allocations.
This bill changes New Jersey's tax code to exclude certain retirement savings contributions from taxable gross income. It directly affects New Jersey residents who contribute to qualifying retirement plans, such as 401(k)s or IRAs, by reducing their taxable income for state tax purposes. The key provision amends the definition of "gross income" to specify that contributions to these plans are not counted toward taxable earnings. As a result, taxpayers would pay less state income tax on the amounts they save for retirement through these qualified plans. The bill is currently in the introduction stage (2026-01-13) and has not yet been voted on.
This bill creates tax credits for New Jersey businesses that employ members of the New Jersey National Guard or the reserve component of the U.S. Armed Forces. Employers receive a $1,500 credit per qualified service member who has not completed a deployment or activation, or $2,500 for those who have completed or returned from deployment. The credit applies to both the corporation business tax and the gross income tax, with specific rules for partnerships and S corporations. It directly benefits employers hiring military reservists, aiming to incentivize their employment through targeted tax relief.
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.
New Jersey bill A3527 reduces the tax rate on surplus lines insurance premiums from 5% to 3% for both policies purchased directly by insureds and those handled through surplus lines agents. This directly affects insurance agents, brokers, and policyholders who use non-admitted insurers for commercial coverage, such as property or casualty insurance. The bill amends existing tax provisions to lower the rate while maintaining that 3% of fire insurance tax revenue goes to New Jersey firemen's relief associations and the remaining 2% to the state. It excludes government coverage, life insurance, and disability insurance from this tax change and takes effect January 1, 2013.
This bill creates tax incentives for historic diners and restaurants in New Jersey that meet specific criteria. To qualify, establishments must have operated continuously for at least 25 years (including pandemic closures), qualify as small businesses, comply with health/safety rules, and be family-owned. Approved businesses receive a sales tax exemption on prepared food and beverages for on-site consumption and corporation business/gross income tax credits. The program requires annual registration through a state registry established by the Division of Travel and Tourism, with applications reviewed and approved by the Director.
This bill requires Homelessness Prevention Program (HPP) agencies - nonprofit organizations managing homelessness services in New Jersey - to remain open during public health emergencies. It mandates the Department of Community Affairs to fund one agency per "populous county" (county with 350,000+ residents) to manage homelessness prevention services in those areas. If federal pandemic funding is insufficient, the agency head may request state funds from the General Fund to cover gaps. The law directly affects agencies in populous counties and the residents they serve, ensuring continuous access to homelessness prevention during emergencies.
This bill (A 1942) provides tax credits to small New Jersey businesses that invest in employee job training. Qualified employers (businesses with under $2.5 million annual revenue, operating in NJ for fewer than 10 years, and employing NJ workers) can claim a 10% credit on training costs, up to $2,000 per employee annually. The credit applies to both corporation business tax and gross income tax, requires training to lead to industry-recognized credentials, and can be claimed for a maximum of five years. It does not reduce tax liability below the statutory minimum or zero.
