This bill creates a refundable tax credit for New Jersey renters whose rent exceeds 35% of their gross income. It directly affects low-to-moderate income residents (earning under $60,000 annually) living in the state, with credit amounts based on income level and location: up to 100% of excess rent for those earning under $25,000 (or under $50,000 in high-cost areas), 75% for middle-income renters, and 50% for higher-income renters in non-high-cost areas. The credit, capped at $1,000 per year, is applied against state income tax and can be claimed retroactively for the previous tax year. Renters receiving federal or state housing subsidies instead receive a credit equal to 1/12 of their unsubsidized rent.
This New Jersey bill (S 248) expands the state's child tax credit to include children aged six through 11, while increasing credit amounts for both children under age six and those aged six to 11 over a two-year period. For 2023-2024, taxpayers with children under six receive up to $750 (for income under $30,000) and those with children aged six to 11 receive up to $500 (for income under $30,000), with credits phasing out completely at $80,000 income. Starting in 2025, maximum credits rise to $1,000 for children under six and $600 for children aged six to 11 for low-income households. The credit is refundable and applies to all filing statuses, affecting New Jersey taxpayers with qualifying children in these age groups.
This bill establishes a new Artificial Intelligence Apprenticeship Program within New Jersey's Department of Labor to create training opportunities in AI technology, data analytics, and automation. It also creates a tax credit for employers hiring qualified AI apprentices, allowing them to claim up to $5,000 per apprentice (half of wages paid, capped at $5,000) for taxable years beginning in 2026. To qualify, employers must hire unskilled or semi-skilled apprentices for at least 20 weeks in a program meeting state and federal standards, covering roles like generative AI development. The program will partner with AI companies and educational institutions to design training pathways. The tax credit applies to both corporate business tax and gross income tax.
S 1759 increases the portion of rent that counts as property taxes for tax deduction purposes from 18% to 30% for renters whose rental unit is their primary residence. It also raises the maximum property tax credit amount from $50 to $250 for eligible taxpayers, including those aged 65 or older, or who are blind or disabled and not subject to New Jersey income tax. These changes apply to both homeowners and renters who qualify for these tax benefits under New Jersey law. The bill modifies specific definitions and credit thresholds in the state's tax code without altering eligibility criteria.
This bill provides a $250 annual state income tax credit for homeowners within 1,000 feet of Barnegat Bay and its tributaries who replace grass lawns with stone, crushed shells, or similar non-maintenance materials. Property owners who already made this change before the bill's effective date also qualify for the credit. The credit aims to reduce chemical runoff from lawns - like fertilizers and pesticides - that flow into the bay, addressing a key factor in the bay's environmental degradation. It applies to taxable years starting January 1 after the bill takes effect, with tax credit rules to be established by the Division of Taxation.
This bill provides a tax credit against New Jersey's corporation business tax for businesses that retrofit existing warehouses (100,000+ square feet used for storage) with a designated solar-ready zone and install solar panels. The credit covers up to 50% of retrofit costs or $250,000 per warehouse, with a maximum $25 million total for all taxpayers. To qualify, businesses must prove solar panels are installed after retrofitting and meet specific roof-area requirements for the solar-ready zone. The credit applies to up to eight warehouses owned by the same business in one tax period.
This bill creates a $500 tax credit against New Jersey's gross income tax for eligible volunteer firefighters. To qualify, a taxpayer must have been an active member of a volunteer fire company or part-paid fire department for three consecutive years (including the current tax year and the two prior years). The credit applies to New Jersey gross income tax liability but cannot reduce the tax below zero. It directly benefits volunteer firefighters who meet the service requirements, providing a financial incentive for their service.
This bill (S 2198) expands New Jersey's Earned Income Tax Credit (EITC) program to allow taxpayers with Individual Taxpayer Identification Numbers (ITINs) to qualify, provided they otherwise meet federal EITC eligibility requirements. It removes the current requirement for a Social Security number by amending the state law to state that taxpayers may claim the credit regardless of whether they have an SSN or ITIN. This change directly affects low-income New Jersey residents who use ITINs - commonly undocumented workers or those without SSNs - to access state tax relief they previously could not receive. The policy change aligns New Jersey's program with federal eligibility rules while maintaining the credit's structure and funding.
This New Jersey bill (S 1763) creates a refundable tax credit for homeowners who make extra principal payments on qualifying mortgages. Taxpayers can claim 50% of these extra payments, up to $1,000 annually, reducing their state income tax bill (or creating a refund if the credit exceeds tax owed). To qualify, the mortgage must be for a primary residence, be a traditional 15-30 year loan, and the homeowner must meet income limits (e.g., single filers with $125,000-$135,000 taxable income see reduced credits). The credit applies only to payments beyond the required monthly amount and cannot be claimed for more than 10 years total.
S 1622 creates a tax credit program for New Jersey employers who hire military spouses who are nonresidents of the state but live in New Jersey due to their spouse's military service (such as being transferred here, legally domiciled here, or moving on a permanent change-of-station). Employers receive a credit equal to 15% of wages for military spouses working 120-400 hours per year or 25% for 400+ hours, capped at $2,400 per employee annually. The credit reduces corporation business tax or gross income tax and requires employers to apply through the Commissioner of Labor and Workforce Development. The bill directly supports military spouses facing employment disruptions from frequent military relocations.
