This bill requires New Jersey to provide additional state aid to school districts that experienced State school aid reductions exceeding 3% of their prior year's funding during the 2020-2021 through 2024-2025 school years. It calculates the extra aid as the total amount of reductions above that 3% threshold, using specific funding categories like equalization aid, transportation support, special education funding, security grants, and adjustment aid. The Department of Education must fund this through an appropriation from the Property Tax Relief Fund. The policy directly compensates affected school districts for past aid cuts without requiring new legislative action for each district.
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 bill (S 3311) replaces New Jersey's current progressive income tax system with a flat 5.9% tax rate on income above specific thresholds. It directly affects individual taxpayers and families filing jointly whose income exceeds $37,500 (single filers) or $75,000 (joint filers). The bill exempts all income below these thresholds from state income tax, meaning lower earners pay nothing. This would simplify the tax structure by eliminating the current multi-rate system for most taxpayers.
This bill (S 3329) changes New Jersey's gross income tax rules to benefit taxpayers using specific retirement plans. It excludes certain contributions to deferred compensation plans (like employer-sponsored retirement savings) from taxable income and creates a deduction for eligible individual retirement savings. The key change amends the tax code to remove these specific retirement contributions from the calculation of taxable income. This directly affects New Jersey taxpayers who contribute to qualifying retirement plans, reducing their taxable income for state tax purposes.
This bill changes how energy tax payments are handled in New Jersey. It requires energy companies (like gas, electric, and utility providers) to pay their taxes directly to local municipalities instead of the state, ensuring the full $740 million annual property tax relief aid is distributed directly to towns and cities. The State Treasurer will determine each municipality's share based on historical payments and direct energy taxpayers to make payments to specific local governments. This replaces the previous system where the state collected taxes and redistributed funds, aiming to streamline relief for municipalities.
New Jersey Senate Bill S 3541 increases the income levels at which residents must file and pay state income tax. Starting January 1, 2026, the minimum threshold for single filers rises to $12,000 (from $10,000), for married couples filing jointly to $24,000 (from $20,000), and for married individuals filing separately to $12,000 (from $10,000). This change directly affects low-income earners who currently fall just above the previous thresholds but would no longer need to file or pay tax under the updated rules. The bill modifies New Jersey’s tax filing requirements without altering tax rates or brackets.
This bill gradually increases New Jersey's cigarette tax rate over four years, starting July 1, 2024. The tax will rise from $0.135 per cigarette ($2.70 per pack) to $0.20 per cigarette ($4.00 per pack) by 2027. Retailers and distributors must file annual tax returns showing cigarette inventory and pay the increased tax by specific dates each year. The additional revenue generated will go to the state General Fund, while existing dedications for smoking cessation programs and hospital subsidies remain unchanged.
This bill (A 1904) allocates $8 million in supplemental funding to New Jersey's Department of Human Services for the Division of Family Development. It directly increases reimbursements paid to funeral homes and cemeteries by $1,000 per eligible person for funeral, burial, or cremation services provided to beneficiaries of the Work First New Jersey and Supplemental Security Income programs. The funds are added to existing appropriations (not replacing them) to raise the reimbursement level above current caps, which previously covered only about 28% of average service costs. This change specifically affects funeral service providers and program participants by expanding financial support for end-of-life services.
This bill prohibits urban renewal projects from claiming property tax exemptions for school purposes on rehabilitation or improvements in redevelopment projects after the bill's effective date. It amends financial agreement requirements to mandate that municipalities include specific findings about tax exemption provisions and annual service charges in contracts with urban renewal entities. The bill directly affects housing and redevelopment projects that previously could have avoided school property taxes through long-term tax exemptions. This policy change ensures school property taxes are paid on these projects, maintaining local school funding.
ACR 67 proposes a constitutional amendment to increase New Jersey's property tax deductions for three groups: veterans, senior citizens (age 65+), and individuals with permanent disabilities. Starting in 2024, the annual deduction for all three groups will rise from $250 to $500 per year, while maintaining the existing income limit of $10,000 annually. The amendment applies to taxes on real property, including residential units in co-ops, and requires recipients to meet income thresholds excluding certain federal benefits. This change would directly affect eligible veterans, seniors, and disabled residents who currently qualify for the property tax deduction under New Jersey law.
