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

This bill (S 1781) increases New Jersey's exclusion for capital gains tax on sales of primary residences. It doubles the maximum exclusion amount: from $250,000 to $500,000 for single homeowners, and from $500,000 to $1,000,000 for married couples filing jointly. To qualify, homeowners must have owned and lived in the home as their primary residence for at least two of the past five years. The change directly affects New Jersey residents selling their primary homes who meet the ownership and use requirements. The bill amends existing law (P.L.1998, c.3) to reflect these updated exclusion limits.