Increases gross income tax relief based on rent constituting property taxes for residential tenants and establishes refundable gross income tax credit in place of gross income tax deduction for residential tenants.

This bill creates a refundable tax credit for New Jersey renters who use their rental unit as their primary residence. It replaces an existing tax deduction with a direct credit equal to 30% of rent paid for residential rental property (capped at $15,000 annually), effectively reducing the renter's tax bill dollar-for-dollar. The credit applies to tenants in standard rental units (not condos, co-ops, or manufactured homes in parks), targeting those whose rent includes property taxes. This policy directly benefits low-to-moderate income renters by providing immediate tax relief instead of a future deduction.