New Jersey Bill Would Give Renters More Income Tax Relief

New Jersey lawmakers are pushing a bill to provide more state income tax relief for renters.

The state Senate Committee on Community and Urban Affairs voted unanimously Thursday for S1394, to increase the amount of rent that can qualify for a deduction or refundable credit when filing income tax returns.

• New Jersey currently provides tenants an income tax deduction that can’t exceed 18% of their yearly rent. The legislation would increase the amount of rent constituting property taxes from 18% to 30%, lowering renters’ income tax bill.
• Senate President Nicholas Scutari (D) is a primary sponsor of the ...