"Gas Tax Rebate"; provides temporary gross income tax credit to certain taxpayers to offset rising gas prices.

This bill provides a temporary tax credit for New Jersey taxpayers to help offset rising gas prices during Tax Year 2021. It offers a $1,000 credit for joint filers, heads of household, or surviving spouses with gross income under $250,000, and a $500 credit for single filers or married individuals filing separately with income under $125,000. The credit is nonrefundable (it won’t reduce tax below zero) and applies retroactively to already-filed 2021 tax returns. It directly affects lower- and middle-income households who pay state income tax, with no additional application required for eligible filers.