Budget & Taxes

in committee · New Jersey · General Assembly Jan 13, 2026

A 2993: Allows New Jersey S corporations to elect to transfer corporation business tax credits to shareholders to apply against the shareholders' gross income tax liability.

This bill allows New Jersey S corporations to elect to pass certain business tax credits directly to their shareholders. Instead of using these credits to reduce the corporation's own tax bill, the credits are transferred to shareholders to apply against their personal income tax liabilities. The credits include incentives like research, job creation, and urban development programs. Shareholders can use these transferred credits to lower their individual tax payments, but the amount applied is limited to 50% of their tax liability related to the S corporation's income.

Topics ✓ Budget & TaxesSupports Budget & TaxesBill allows S corporation tax credits to reduce shareholders' personal income tax, providing tax relief tied to business incentives like job creation and urban development.85% confidence

Sub-Topics Business Taxes Income Tax

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in committee · New Jersey · General Assembly Jan 13, 2026

A 1979: Establishes "Male Teachers of Color Mentorship Pilot Program"; appropriates $95,000.

This bill creates a three-year "Male Teachers of Color Mentorship Pilot Program" to pair male students of color in teacher training programs with male teachers of color. It requires the Commissioner of Education to select 19 eligible students (in their final year of training) and 19 male teachers from participating schools, pairing them for mentorship through the student's final training year and first two teaching years. Mentors receive a $5,000 annual stipend, and schools must make a good-faith effort to hire students with favorable performance reviews. The program is funded by a $95,000 appropriation and requires a final report evaluating its effectiveness and recommending potential expansion.

Topics ✓ Budget & TaxesSupports Budget & TaxesBill appropriates $95,000 to fund a state education program, directly advancing budget allocation for public services.95% confidence ✓ EducationSupports EducationAllocates $95,000 for mentorship program pairing male teacher trainees with mentors, supporting teacher development and diversity in education.95% confidence

Sub-Topics Appropriations Teachers

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in committee · New Jersey · General Assembly Jan 13, 2026

A 3726: Ensures no school district receives State school aid reduction greater than five percent.

This bill prevents New Jersey school districts from facing state school aid cuts exceeding 5% in the 2024-2025 school year and beyond. It creates "stabilized reduction aid" to guarantee districts receive the greater of either their prior year's funding (reduced by no more than 5%) or the amount calculated under existing law. County vocational school districts receive similar protection, getting the higher of two calculated aid amounts. The policy directly affects all public school districts and covers key aid types like equalization, special education, and transportation funding.

Topics ✓ Budget & TaxesSupports Budget & TaxesPrevents state school aid cuts exceeding 5%, protecting public education funding from budget reductions. Directly supports fiscal stability for school districts by guaranteeing minimum funding levels.90% confidence ✓ EducationSupports EducationPrevents state aid cuts exceeding 5% for school districts, protecting current funding levels and ensuring stable financial support for K-12 schools.95% confidence

Sub-Topics Special Education

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in committee · New Jersey · General Assembly Jan 13, 2026

ACR 30: Proposes constitutional amendment to exempt $60,000 of assessment on primary residence owned by senior citizens from property taxation.

ACR 30 proposes a constitutional amendment to exempt the first $60,000 of the assessed value of a senior citizen's primary residence from property taxes. This would directly affect New Jersey residents aged 65 or older who own their primary home and pay property taxes. The exemption would reduce the taxable portion of their home's assessed value, lowering their annual property tax bill. The amendment requires voter approval in a statewide election to become part of the New Jersey Constitution.

Topics ✓ Budget & TaxesSupports Budget & TaxesExempts seniors' primary residence from property taxes, providing direct tax relief to lower-income homeowners, aligning with support indicators for tax relief.95% confidence ✓ HousingSupports HousingExempts seniors' primary residence value from property tax, reducing housing costs for vulnerable homeowners and increasing affordability.85% confidence

Sub-Topics Property Tax Property Taxes

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in committee · New Jersey · General Assembly Jan 13, 2026

A 1795: Increases annual income limitation to receive senior and disabled citizens' property tax deduction to $15,000.

This bill increases the annual income limit for New Jersey seniors (65+) and permanently disabled residents to qualify for a $250 property tax deduction from $10,000 to $15,000. It directly affects eligible homeowners aged 65+ or disabled individuals with household incomes under $15,000 who own or rent their primary residence. The key change is raising the income threshold while keeping the maximum deduction amount fixed at $250 per year. The bill requires voter approval of a constitutional amendment before taking effect.

Topics ✓ Budget & TaxesSupports Budget & TaxesIncreases income threshold for property tax deduction, providing tax relief to lower-income seniors/disabled residents by expanding eligibility for $250 annual deduction.95% confidence ✓ HousingSupports HousingIncreases income limit for property tax deduction, reducing housing costs for low-income seniors/disabled homeowners, advancing affordability.90% confidence

Sub-Topics Property Tax Property Taxes Renters

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in committee · New Jersey · General Assembly Jan 13, 2026

ACR 36: Proposes constitutional amendment to increase amount of annual veterans' property tax deduction from $250 to $1,250.

ACR 36 proposes a constitutional amendment to increase New Jersey's annual property tax deduction for veterans from $250 to $1,250, effective 2024. It directly affects honorably discharged veterans and their surviving spouses who reside in New Jersey, allowing them to deduct this larger amount from property taxes or have taxes canceled if the bill is below $1,250. The amendment would require voter approval at the next general election following its passage. This change updates a long-standing provision that previously capped the deduction at $250. The bill does not alter eligibility requirements for veterans or surviving spouses.

Topics ✓ Budget & TaxesSupports Budget & TaxesIncreases veterans' property tax deduction from $250 to $1,250, providing direct tax relief per tax policy indicators.90% confidence ✓ VeteransSupports VeteransIncreases property tax deduction for veterans from $250 to $1,250, directly expanding financial benefits for honorably discharged veterans and surviving spouses.95% confidence

Sub-Topics Property Tax Memorials & Recognition Veteran Education

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in committee · New Jersey · General Assembly Feb 19, 2026

A 4425: Provides 50 percent sales and use tax exemption for certain businesses in impacted municipalities during ongoing public highway project.

This bill provides a 50% sales tax exemption for small retail businesses operating in municipalities affected by ongoing public highway projects. It applies to businesses with a fixed location offering goods or services (like retail stores or charter boat services) during the "relief period" - the time between when a highway project starts and ends. Businesses must apply to the Tax Division Director for approval, verifying their location within an impacted area. The exemption automatically ends 30 days after the Transportation Commissioner notifies the Tax Division that the highway project is complete.

Topics ✓ Budget & TaxesSupports Budget & TaxesProvides 50% sales tax exemption for small businesses in highway-impacted areas, reducing tax burden during infrastructure projects.95% confidence ✓ TransportationSupports TransportationProvides tax relief to businesses during highway construction, supporting infrastructure project implementation and mitigating economic disruption.85% confidence

Sub-Topics Business Taxes Sales Tax Tax Incentives Roads & Highways

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in committee · New Jersey · General Assembly Jan 13, 2026

A 3628: "New Jersey Disability Savings Act."

This bill creates tax incentives for New Jersey residents with disabilities to save for disability-related expenses through ABLE accounts. It provides a one-time $750 dollar-for-dollar matching grant for initial deposits into a New Jersey ABLE account (for taxpayers earning $150,000 or less annually) and allows a state tax deduction for all contributions to these accounts. The matching funds are subject to annual state budget approval, with the Department of Human Services determining allocation if funding is insufficient. The program expands New Jersey’s existing ABLE program, which allows tax-advantaged savings for expenses like housing, education, and assistive technology, without affecting Medicaid eligibility.

Topics ✓ Budget & TaxesSupports Budget & TaxesProvides tax deduction and $750 matching grant for ABLE accounts targeting lower/middle-income residents ($150k cap), aligning with tax relief and funding essential disability savings programs.90% confidence ✓ HealthcareSupports HealthcareProvides tax incentives and matching grants for disability-related expenses, enabling savings for healthcare costs associated with disabilities.92% confidence

Sub-Topics State Budget Medicaid

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in committee · New Jersey · General Assembly Jan 13, 2026

A 2502: Provides $1,000 income tax deduction for certain volunteer firefighters and members of first aid and rescue squads.

This New Jersey bill provides a $1,000 annual deduction from state gross income for eligible volunteer firefighters and first aid/rescue squad members. To qualify, volunteers must serve the entire tax year and meet specific service thresholds: firefighters need 60% attendance at alarms/drills plus Firefighter I certification, while first aid/rescue members need 10% attendance at alarms/drills plus approved training or EMT certification. Fire and rescue departments must submit annual lists of qualifying members to state health and community affairs agencies for verification. The deduction applies to taxable years starting after the bill's enactment date.

Topics ✓ Budget & TaxesSupports Budget & TaxesProvides $1,000 income tax deduction for volunteer firefighters, offering tax relief to eligible individuals within the state tax system.95% confidence

Sub-Topics Income Tax

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in committee · New Jersey · General Assembly Jan 13, 2026

A 359: Establishes annual four-day sales tax holiday after Thanksgiving.

This bill establishes an annual four-day sales tax holiday in New Jersey, exempting most physical goods from sales tax during the period from 12:01 a.m. on the Friday after Thanksgiving through 11:59 p.m. on the Monday after Thanksgiving. The holiday covers popular shopping days including Black Friday, Small Business Saturday, Sunday, and Cyber Monday, directly affecting consumers who purchase qualifying items and retailers who do not collect sales tax during this window. It applies to retail sales of tangible personal property (physical goods) but excludes services and certain items like food or clothing. The law takes effect immediately, with temporary regulations allowing the tax authority to implement rules within 180 days.

Topics ✓ Budget & TaxesSupports Budget & TaxesProvides temporary sales tax relief for consumers during holiday shopping, reducing immediate tax burden per bill's exemption of most physical goods.95% confidence

Sub-Topics Sales Tax

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