This bill (S 2347) excludes certain military compensation from New Jersey's gross income tax for residents who serve outside the state. It directly affects New Jersey-domiciled service members stationed or deployed out-of-state for at least six months during a taxable year. The exclusion covers military pay, mustering-out payments, and housing/subsistence allowances received while serving in the U.S. Armed Forces or New Jersey National Guard on State active duty. The policy change means eligible service members will not pay New Jersey income tax on these specific military benefits. The bill applies to taxable years beginning after its enactment date.
This bill allows New Jersey residents to deduct the full amount of state property taxes paid on their primary home from their state income tax bill, removing a previous $15,000 annual cap. It applies to homeowners and renters of residential properties, with income-based limits: taxpayers earning over $150,000 but under $250,000 face a $5,000 deduction limit, while higher earners ($250,000+) are ineligible unless they qualify as elderly or disabled. The deduction covers property taxes paid during the calendar year and aligns with existing tax code provisions for primary residences. The bill amends New Jersey's Gross Income Tax Act to implement this change, effective for the 2026 tax year.
This bill expands New Jersey's tax credit for family caregivers of military veterans with disabilities. It allows caregivers to claim a refundable tax credit equal to 100% of a service member's federal disability compensation (up to $675) if the service member has a disability from any military service - not just post-9/11 conflicts - and meets other existing requirements (e.g., honorable discharge, VA disability rating, six-month residency with caregiver in NJ). The credit applies to caregivers with household income under $100,000 (joint filers) or $50,000 (single/separate filers). It directly affects family caregivers of qualifying veterans who provide care, making the credit accessible to a broader group of service members.
This bill adds a $3,000 annual deduction to New Jersey's gross income tax for surviving spouses of veterans who meet specific service criteria. It directly affects widows and widowers whose spouses died while on active duty, were honorably discharged, or were released under honorable circumstances from military service. The deduction is included in the tax code under existing personal exemption rules (N.J.S.54A:3-1(b)(8)), extending an existing $6,000 veteran exemption to surviving spouses. Eligibility ends if the surviving spouse remarries, and the deduction applies to taxable years beginning after the bill's enactment date.
This bill makes compensation college athletes earn for using their name, image, or likeness tax-free in New Jersey. It applies only to athletes at four-year colleges or universities in New Jersey, excluding up to $100,000 annually from state income tax. The exclusion specifically covers earnings permitted under New Jersey’s existing "Fair Play Act," which allows athletes to profit from their name, image, or likeness. It does not create new compensation but changes the tax treatment of existing NIL (name, image, likeness) earnings.
This bill creates a New Jersey state tax credit to help offset college costs. It provides a $750 credit for full-time tuition and maintenance payments (for the taxpayer or a dependent under 22) and a $375 credit for part-time attendance (with at least six credits per semester). The credit is applied against the taxpayer's gross income tax liability, directly benefiting families or individuals paying for New Jersey county college education. It aims to make community college more affordable by reducing the tax burden associated with these costs.
This bill creates a New Jersey tax credit for first-time homebuyers purchasing eligible homes during specific periods. It provides a credit equal to 5% of the home price (up to $15,000) for homes used as a principal residence for 36 consecutive months. The program has a total funding cap of $100 million, allocated across four terms with separate limits for new homes and previously occupied homes. The credit is applied over three tax years, and applicants must pre-qualify through the state director's office before purchase.
This bill automatically adjusts New Jersey's income tax thresholds and qualification limits for inflation starting in 2022. It affects taxpayers who qualify for specific deductions or exemptions, such as those using education savings accounts, paying student loans under state programs, or claiming tuition deductions at in-state colleges. The key mechanism requires the state tax director to annually update these thresholds using the Consumer Price Index (CPI-U), rounding to the nearest $5. This ensures the income limits for these tax benefits grow with the cost of living, without requiring new legislation each year.
This bill provides temporary tax credits to New Jersey businesses that bring operations back to the state from outside the U.S. or from other U.S. states. Businesses qualify for a 35% credit on expenses for moving operations from outside the U.S. and a 25% credit for moving from within the U.S. but outside New Jersey, provided they maintain higher full-time employee counts in New Jersey than before the move. Credits expire for tax periods ending before 2025 and can be carried forward but are recaptured if employee numbers decrease in subsequent years. The credits apply to both corporate business taxes and individual gross income taxes, limited to 50% of tax liability, and require a written relocation plan.
This New Jersey bill (S 2294) provides a $3,000 annual deduction from gross income for eligible taxpayers who care for elderly relatives. It directly affects low-to-moderate-income individuals: single filers earning under $35,000 or joint filers earning under $50,000 who provide over half the support for a relative aged 70+ living with them for at least six months each year. The deduction reduces taxable income, lowering the tax burden for qualifying caregivers. It applies to taxable years beginning after the bill's enactment date.
