Establishes New Jersey Homebuyer Tax Credit Program under gross income tax for certain home purchases during qualified periods by first-time homebuyers.

This bill establishes a New Jersey Homebuyer Tax Credit Program that provides first-time homebuyers with a tax credit equal to 5% of the home purchase price or $15,000 (whichever is less), up to a total of $100 million. To qualify, applicants must be New Jersey residents with household income below $118,000 (for 1-2 people) or $135,000 (for 3+ people), purchase homes valued at $560,000 or less, and use the home as their primary residence for 36 consecutive months. The credit is applied over three tax years, and repayment is required if the home isn't used as a primary residence for the full period. The program allocates funds in $25 million increments for new and previously occupied homes across four time periods, with separate funding for new construction ($18.75 million) and previously occupied homes ($6.25 million) in each period.