Allows gross income tax credits to certain renters whose rent exceeds 35 percent of gross income.

This bill creates a refundable tax credit for New Jersey renters whose rent exceeds 35% of their gross income. It applies to residents earning $60,000 or less annually, with credit amounts calculated as 50-100% of the excess rent paid (capped at $1,000 per year), based on income level and whether they live in a high-cost area (defined by federal housing subsidy standards). Renters receiving state or federal housing subsidies may instead claim a credit equal to 1/12 of their unsubsidized rent. The credit applies retroactively to the prior tax year and requires amended returns for eligible taxpayers to claim it.