This New Jersey bill creates a refundable tax credit of up to $5,000 per year for residents who owe at least $5,000 in student loans from a qualifying institution of higher education. To qualify, taxpayers must have accumulated $20,000 in student debt for education expenses and submit proof of loan payments with their tax return. The credit must be used to repay student loans within two years of receiving it, with priority given to low-income residents and New Jersey graduates. Annual funding is capped at $10 million to cover refunds when the credit reduces tax liability to zero.
ACR 97 proposes a constitutional amendment requiring New Jersey's Legislature to create a $200 property tax credit for the primary residence of volunteer firefighters or first aid/rescue squad members. It directly affects volunteer emergency responders who serve as active members of qualifying fire companies or squads incorporated under state law. The key mechanism mandates that any statute enacted under this amendment must require the state to annually reimburse municipalities for the full cost of these tax credits. This policy change would provide a fixed tax benefit to eligible homeowners without increasing local tax burdens.
This bill provides New Jersey taxpayers adopting foster children with a credit against their state gross income tax for eligible adoption expenses. The credit covers medical, therapeutic, and counseling costs for "special needs" children and lasts until the child turns 18 (or 21 with special education needs), or for life if the child has a severe disability certified by state disability directors. It directly affects adoptive parents of foster children who qualify as "special needs" under state definitions. The credit applies annually to taxable years beginning after January 1, 2008, and requires the Division of Taxation to create implementing rules. The bill is pending in the Assembly Children, Families and Food Security Committee.
This bill creates a New Jersey gross income tax credit for taxpayers who pay for licensed child care for children under six years old. The credit amount (15% to 20% of expenses) depends on the child care center's Grow NJ Kids rating (3 to 5 stars), with higher-rated centers offering larger credits. Taxpayers earning under $25,000 annually can receive the full credit as a cash refund if it exceeds their tax bill, while higher-income taxpayers may carry forward unused credit to the next tax year. The credit cannot be claimed alongside New Jersey's existing child and dependent care credit.
This New Jersey bill provides a tax credit for businesses that retrofit existing warehouses (at least 100,000 sq ft used for storage) with designated solar-ready zones. The credit, capped at $250,000 per warehouse or 50% of retrofit costs, is only available after solar panels are actually installed on the prepared zone. Businesses can claim this credit for up to eight qualifying warehouses in a single tax year. The program has a total funding limit of $25 million across all claims, and the state tax authority must verify solar panel installation before issuing credits. It aims to incentivize solar infrastructure in commercial storage facilities through direct financial support.
This bill increases New Jersey's child tax credit for families with children under age 12. It raises the income limit for full eligibility from $80,000 to $100,000 annually and boosts maximum credit amounts: up to $2,600 per child under age six for lower-income families, and $2,000 per child aged six to 11. The credit phases out gradually as income rises above $50,000, with no reduction for households earning $50,000 or less. It applies to New Jersey residents filing state tax returns with qualifying children under 12.
This bill provides tax credits to developers who build affordable housing projects in designated "distressed neighborhoods" - specifically census tracts within municipalities facing economic hardship where median family income is below 80% of the statewide average. The tax credit applies to qualifying projects in these areas, as defined by the bill's amendments to existing law. Developers must meet specific affordability requirements and operate within neighborhoods identified as needing economic development assistance. The policy directly affects housing developers and aims to incentivize affordable housing construction in targeted communities.
The Green Building Tax Credit Act provides tax credits to New Jersey businesses and property owners who construct or retrofit buildings meeting specific green building standards. The credit equals 4% of eligible construction costs plus an additional 0.5% to 2.0% based on the building’s LEED certification level (Certified to Platinum), with costs capped at $280 per square foot. Eligible expenses include construction, design, and site improvements but exclude items like computers, fuel cells, and land purchases. The credit reduces taxes under several New Jersey tax acts and requires a state report on program usage within six years.
This New Jersey bill (A 3401) expands the state's child tax credit to include children aged 6-11, who were previously ineligible. It increases credit amounts for all children under 12 over two years: for example, taxpayers with income under $30,000 will receive $500 (2023-2024) or $600 (2025+) for children aged 6-11, and $750 (2023-2024) or $1,000 (2025+) for children under 6. Credits phase out completely for taxpayers earning over $80,000 annually and are refundable if exceeding tax liability. The bill directly affects New Jersey residents with children in these age groups who file state taxes.
This bill creates tax credits for businesses manufacturing equipment for advanced nuclear facilities and establishes a program to incentivize new nuclear energy construction in New Jersey. Manufacturers of nuclear components licensed by the U.S. Nuclear Regulatory Commission can claim a 15% tax credit on qualifying equipment and facility improvements, with increased rates (25%) for relocating businesses or certified minority/women/veteran-owned businesses. The New Jersey Advanced Nuclear Energy Development Program, administered by the Economic Development Authority, will award tax credits to developers who demonstrate economic feasibility, locate projects at existing nuclear sites, meet environmental standards, pay prevailing wages, and contribute 20% of project costs. Developers must also commit to obtaining U.S. Nuclear Regulatory Commission licenses by 2023-2030. The bill directly affects nuclear manufacturers and facility developers, with credits applied against state business taxes.
