Asm. Mike Torrissi

Maddy summaryThis bill provides New Jersey employers with three tax credits for hiring and supporting workers with disabilities. Employers can claim: (1) wage credits of up to $1,800 in the first year (30% of $6,000) and $1,200 in the second year (20% of $6,000), (2) transportation expense credits up to $600 annually, and (3) accessibility modification credits of 10% on eligible costs (up to $10,250) for small businesses. To qualify, employees must be certified by the Division of Vocational Rehabilitation Services as meeting the ADA definition of disability. The credits apply against insurance premiums tax, corporation business tax, and gross income tax, with unused credits carryable for seven years.

Maddy summaryACR 58 proposes a constitutional amendment to increase New Jersey's veterans' property tax deduction from $250 to $2,500 over four years. It would raise the annual deduction to $1,000 in 2024, $1,500 in 2025, $2,000 in 2026, and $2,500 starting in 2027, with the amount remaining at $2,500 annually thereafter. This change directly affects honorably discharged veterans and their surviving spouses, who qualify for the deduction on real and personal property taxes. The amendment requires voter approval after legislative passage to take effect.

Maddy summaryThis bill allows New Jersey's State Board of Cosmetology and Hairstyling to conduct required licensure exams at licensed cosmetology schools during public health or state emergencies declared by the Governor. It specifically prohibits students from taking exams at their own school of enrollment. The change applies to all license types covered under existing law, including cosmetology, barbering, and hair braiding. The bill ensures exam accessibility for applicants during crises while maintaining standard licensing requirements.

Maddy summaryThis bill would restore approximately $331 million in municipal aid reductions that occurred during fiscal years 2009-2011 by gradually increasing distributions from the Energy Tax Receipts Property Tax Relief Fund over five years. Starting in fiscal year 2017, municipalities would receive incremental increases (20% in 2017, 40% in 2018, 60% in 2019, 80% in 2020, and 100% starting in 2021) to fully restore aid levels from fiscal year 2012. The bill requires municipalities to subtract any additional aid received from their property tax levy when calculating their next year's tax amount. This directly affects all New Jersey municipalities that received aid from these funds, allowing them to lower property tax rates for residents while maintaining their overall aid levels.

Maddy summaryThis bill would amend New Jersey's tax code to exclude certain retirement contributions from gross income tax calculations. Specifically, it would exclude contributions to qualified pension plans, deferred compensation plans, and provide a deduction for qualifying individual retirement account (IRA) contributions. Currently, private sector employees benefit from tax deferral on retirement contributions, but public sector employees (including government workers, school employees, and nonprofit staff) do not have the same tax treatment. The bill would extend similar tax advantages to these workers, making retirement savings more accessible for them. It would apply to taxable years beginning after the bill's enactment.

Maddy summaryThis bill would allow eligible New Jersey seniors aged 65 or older with an annual household income under $50,000 to defer property tax payments on their primary residence. To qualify, seniors must own a home valued under $500,000 without a reverse mortgage. The deferral amount is limited to 110% of the previous year's taxes (adjusted for rebates) and cannot exceed 75% of the home's equity, with interest accruing at 9% annually. Payments become due upon the senior's death, sale of the home, or if the home ceases to be their primary residence (with limited health-related exceptions).

Maddy summaryThis bill reinstates automatic annual cost-of-living adjustments (COLAs) for retirement benefits under the Pension Adjustment Act (P.L.1958, c.143) for members of New Jersey's State-administered retirement systems. It directly affects retirees and beneficiaries of the Teachers' Pension and Annuity Fund, Judicial Retirement System, Public Employees' Retirement System, Police and Firemen's Retirement System, and State Police Retirement System. The bill reverses a 2011 provision that had eliminated these automatic annual adjustments, ensuring benefits will adjust each year to help maintain purchasing power against inflation. By reinstating COLAs, the bill prevents gradual erosion of retirement benefits' value over time. This change provides concrete financial protection for retirees as the cost of living increases.

Maddy summaryThis bill would require New Jersey to annually adjust its income tax brackets for inflation using the national consumer price index (CPI-U), preventing "bracket creep" where inflation alone pushes taxpayers into higher tax brackets without real income growth. The Director of the Division of Taxation would calculate these annual adjustments based on the CPI-U measure. This change would affect all New Jersey residents who pay state income tax by ensuring their tax brackets keep pace with rising prices. The bill follows the same model used for federal income tax brackets, which has been in place since the 1980s.

Maddy summaryThis bill requires New Jersey's Board of Public Utilities (BPU) to consider energy security, diversity, and affordability when developing the state's Energy Master Plan. It mandates that the BPU conduct detailed economic and ratepayer impact analyses for all energy generation projects before approval, including cost breakdowns for infrastructure and financial effects on ratepayers. The plan must limit intermittent energy sources (like wind and solar) to no more than 50% of the state's energy mix. All analyses must use open-source modeling, include 30 days of public comment, and be published online for 10 years. These changes directly affect energy developers, ratepayers, and the BPU's planning process.

Maddy summaryThis bill provides a New Jersey gross income tax deduction for capital gains realized when landowners sell certain real property interests to qualified conservation organizations for preservation purposes. The deduction applies to both full market value sales and "bargain sales" (where the sale price is below market value, with the difference treated as a charitable donation). The deduction amount equals the capital gain as determined under federal tax rules, covering transactions with groups participating in programs like Green Acres, Blue Acres, and farmland preservation. This policy aims to encourage land conservation by reducing tax liability on such sales, directly benefiting landowners who sell property for environmental preservation.