Increases, from 18 percent to 30 percent, amount of rent constituting property taxes for purposes of gross income tax deduction for certain tenants.

This bill increases the portion of rent that counts toward property tax deductions for eligible renters in New Jersey, raising it from 18% to 30% for tenants with annual gross income of $150,000 or less. It directly affects low-to-moderate-income renters who occupy residential rental properties as their primary residence. The key change modifies the definition of "rent constituting property taxes" in the tax code, allowing a larger share of rent payments to reduce taxable income. This applies to all qualifying residential rental units, including those in mobile home parks, but maintains the 18% rate for renters earning over $150,000 annually.