Increases, from 18 percent to 30 percent, amount of rent constituting property taxes for purposes of gross income tax deduction for certain tenants.

This bill increases the portion of rent that qualifies as a property tax deduction for eligible renters from 18% to 30% for tenants with annual gross income of $150,000 or less. It directly affects renters in residential rental properties who use the unit as their primary residence. The key change raises the deduction percentage for lower-income renters while maintaining the 18% rate for those earning over $150,000 annually. The policy adjusts how much rent can be subtracted from taxable income under New Jersey's Property Tax Deduction Act.