Provides refundable gross income tax credit for early principal payments on certain home mortgages.

This bill creates a refundable New Jersey state tax credit for residents who make extra payments toward the principal of their primary residence mortgage. Taxpayers can claim 50% of "excess" principal payments (beyond required monthly amounts), capped at $1,000 annually, for mortgages that meet specific criteria: they must be for a primary residence, have a 15-30 year term with consistent payments, and be a "traditional mortgage." The credit phases down for single filers earning $125,000-$135,000 and married couples filing jointly earning $250,000-$270,000, and cannot be claimed for more than 10 years. It applies to taxable years starting after the bill’s enactment date.