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 bill allows New Jersey residents who graduated from an in-state high school or college to deduct all their wage income from state income tax for two consecutive years after graduation. It directly affects recent graduates who live in New Jersey for the entire tax year of the deduction. To qualify, graduates must have earned a diploma from a New Jersey high school or a bachelor’s degree from a New Jersey public or private institution meeting specific accreditation standards. The deduction applies to all salaries, wages, and other earnings received during those two years, with no income limit.
This New Jersey bill (S 1863) allows taxpayers to deduct up to $2,500 in nonreimbursed veterinary expenses for their pets from their gross income each year. It applies to costs for examinations and care of domesticated animals maintained in or near the taxpayer’s household, provided the veterinarian is licensed in New Jersey. The deduction is limited to expenses not covered by insurance or other reimbursement. The bill takes effect immediately upon enactment.
This bill would allow New Jersey teachers and school aides to deduct up to $250 annually from their state taxes for unreimbursed classroom supply expenses. Eligible educators include K-12 teachers, counselors, principals, and paraprofessionals (like classroom aides) who work at least 900 hours yearly in public or private New Jersey schools. The deduction covers books, computers, software, and teaching materials, but excludes health/physical education supplies. It mirrors a federal tax provision and applies to taxable years starting after enactment. The bill directly affects qualifying school staff by reducing their state tax burden for essential classroom costs.
This bill (S 1781) increases New Jersey's exclusion for capital gains tax on sales of primary residences. It doubles the maximum exclusion amount: from $250,000 to $500,000 for single homeowners, and from $500,000 to $1,000,000 for married couples filing jointly. To qualify, homeowners must have owned and lived in the home as their primary residence for at least two of the past five years. The change directly affects New Jersey residents selling their primary homes who meet the ownership and use requirements. The bill amends existing law (P.L.1998, c.3) to reflect these updated exclusion limits.
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.
New Jersey's S 1841 creates the "Workplace Skills Savings Program," allowing eligible workers to save for job training. Employees earning wages subject to New Jersey income tax can contribute up to $1,000 annually to a personal account, with the state matching each dollar contributed. Funds can be used for apprenticeships, licensing exams, retraining, or approved job-related education at schools or unions. The program is funded by a $25 million state appropriation from the General Fund, administered by the Department of Labor and Workforce Development, with the Department of the Treasury managing the trust. It takes effect January 1, 2027.
This bill allows New Jersey property owners to deduct the capital gain from selling land to qualified conservation organizations on their state gross income tax return. It applies to both full-market-value sales and "bargain sales" (where land is sold below market value but with conservation restrictions). The deduction equals the gain calculated under federal tax rules, covering sales to groups like Green Acres, farmland preservation programs, or wildlife conservation initiatives. This directly benefits landowners who sell environmentally valuable property to these conservation entities.
This bill creates a New Jersey program that allows certified first-time home buyers to open special savings accounts at participating banks or credit unions. Account holders can contribute up to $15,000 per year (with a lifetime limit of $75,000) and earn tax-free growth on those funds, with the account balance capped at $150,000 annually. Funds can only be withdrawn to cover down payments and closing costs for a primary residence purchase, and withdrawals for other purposes require tax reporting. The program is administered by the New Jersey Housing and Mortgage Finance Agency to encourage home ownership through tax-advantaged savings.
