Increases amount of gross income tax exclusion for gains from sales of principle residences.

This bill increases New Jersey's tax exclusion for profits from selling a primary home. It doubles the amount homeowners can exclude from state income tax: from $250,000 to $500,000 for single filers, and from $500,000 to $1,000,000 for married couples filing jointly. The eligibility rules remain unchanged - homeowners must have lived in the property as their primary residence for at least two years within a five-year period before selling. This applies to all qualifying homeowners selling their main residence in New Jersey, without altering the existing federal tax alignment requirements.