Budget & Taxes in New Jersey

in committee · New Jersey · Senate May 28, 2026

S 4339: Allows gross income taxpayers to claim deduction for certain losses for which federal theft loss deduction is allowed.

This bill allows New Jersey residents to claim a state tax deduction for theft losses that are also deductible on their federal tax returns. It directly affects individuals who suffer financial losses from crimes such as larceny, embezzlement, or fraudulent schemes like investment scams. The key provision ensures that the amount of the state deduction matches the federal deduction allowed under the Internal Revenue Code, provided the loss is not already offset by other income calculations. By aligning state rules with federal standards, the legislation simplifies the process for victims of theft to reduce their taxable income.

Topics ✓ Budget & Taxes

in committee · New Jersey · Senate May 11, 2026

S 4118: "Fairness for School Districts in Development Restricted Areas Act"; provides additional State school aid to certain school districts located in municipalities that are part of Highlands or Pinelands preservation areas.

This bill, titled the "Fairness for School Districts in Development Restricted Areas Act," provides additional state funding to specific school districts located in municipalities within New Jersey's Highlands or Pinelands preservation areas. To qualify, a school district must have a resident enrollment of more than 500 students, be situated entirely within a municipality where at least 25 percent of the land is protected, and have experienced a net loss in state school aid between the 2017-2018 and 2024-2025 school years. The funding amount is calculated by multiplying $250 by the number of protected acres in the municipality, with annual caps of $2.5 million for districts with fewer than 1,000 students and $5 million for those with more. This legislation aims to offset financial impacts on schools in these regions by supplementing existing state aid formulas.

Topics ✓ Budget & Taxes ✓ Education

in committee · New Jersey · General Assembly May 7, 2026

A 4890: Increases benefit amount under New Jersey Earned Income Tax Credit program from 40 percent to 60 percent of federal benefit amount.

This bill amends New Jersey law to increase the state Earned Income Tax Credit benefit from 40 percent to 60 percent of the federal amount, starting with the 2022 tax year. The change directly affects low- to moderate-income residents who file state tax returns and are eligible for the federal Earned Income Tax Credit. By raising the multiplier, the legislation ensures that qualifying individuals receive a larger refundable tax credit against their state income tax liability. The bill takes effect immediately upon passage, expanding financial support for workers and families without altering the underlying federal eligibility requirements.

Topics ✓ Budget & Taxes

Sub-Topics Income Tax Tax Credits

in committee · New Jersey · Senate May 14, 2026

S 4246: Establishes Whole-Home Repairs Program in HMFA; appropriates $25 million.

This bill creates the Whole-Home Repairs Program within the New Jersey Housing and Mortgage Finance Agency to provide financial assistance for home improvements. It targets low-income homeowners and small landlords by offering grants to owners and forgivable loans to landlords who agree to limit rent increases for at least two years. The program specifically funds repairs for accessibility, safety, energy efficiency, and weatherization, with priority given to seniors, people with disabilities, and those facing immediate health risks. A total of $25 million is appropriated from the state's General Fund to support these efforts while ensuring that construction work pays prevailing wages.

Topics ✓ Budget & Taxes ✓ Energy ✓ Housing

Sub-Topics State Budget Energy Efficiency Housing Finance Mortgages Tenant Rights

in committee · New Jersey · Senate May 28, 2026

S 4363: Establishes "Hazardous School Route Grant Program" in DOE; appropriates $15 million.

This bill creates the Hazardous School Route Grant Program within the New Jersey Department of Education to improve pedestrian safety for students walking to school. It allocates $15 million in funding to help school districts address dangerous walking paths where courtesy bus services are not available. To qualify, districts must demonstrate financial need and have previously adopted policies identifying hazardous routes, while municipalities must handle permits and long-term maintenance. The program allows grants of up to $1 million per district for projects like capital improvements or temporary transportation, with applications prioritized based on the severity of risks and the number of students affected.

Topics ✓ Budget & Taxes ✓ Education ✓ Transportation

Sub-Topics School Safety School Transportation Pedestrian Safety Public Transit

in committee · New Jersey · General Assembly Jun 1, 2026

A 5190: Requires benefits under certain State property tax relief programs to be provided as credits and requires tabulation of credits and deductions be included on property tax bills.

This bill requires New Jersey to issue property tax relief benefits as credits on tax bills rather than through direct cash payments. It directly affects residents eligible for state programs like ANCHOR, Stay NJ, and the homestead property tax reimbursement. The law mandates that these credits be clearly itemized on property tax statements and ensures that cooperative housing entities pass the credit amounts directly to residents. Additionally, the bill sets specific timelines for when these credits must be applied to tax bills based on when applications are received.

Topics ✓ Budget & Taxes ✓ Housing

Sub-Topics Property Tax Property Taxes

in committee · New Jersey · General Assembly May 7, 2026

A 4996: Establishes Housing Placement for Survivors Program to assist domestic violence survivors with temporary housing and provide tax credits to certain housing unit owners offering reduced rate to domestic violence survivors.

This bill creates the Housing Placement for Survivors Program within the Department of Children and Families to help domestic violence survivors find temporary housing. It offers tax credits to landlords and hotel owners who provide reduced rental rates to survivors for stays between 30 and 180 days. The program includes a $15 million annual cap on these tax credits, with any unused funds rolling over to future years. By incentivizing private property owners to offer discounted rates, the legislation aims to increase the availability of safe, short-term accommodations for victims of domestic violence.

Topics ✓ Budget & Taxes ✓ Housing

in committee · New Jersey · General Assembly May 7, 2026

A 4935: Requires State agencies to provide information regarding living donations; appropriates $1 million.

This New Jersey bill requires all state agencies to distribute information about living organ donations to the public. Under the law, the Department of Human Services must supply these materials, which will be available as printed forms at agency offices and posted on official websites. The Department is also tasked with updating this educational content at least every two years. To support these efforts, the legislation appropriates $1 million from the state's General Fund to the Department of Human Services.

Topics ✓ Budget & Taxes

Sub-Topics State Budget

in committee · New Jersey · General Assembly May 28, 2026

ACR 149: Proposes constitutional amendment describing manner in which Legislature provides required maintenance and support of public schools.

This bill proposes a constitutional amendment that would clarify how the New Jersey Legislature must fund and maintain public schools for children aged five to 18. The change requires the state to pass laws defining the components of a thorough and efficient school system and to establish how funding is allocated between the state and local districts. However, the amendment explicitly states that it does not set any minimum or maximum funding amounts, leaving the specific level of financial support entirely to the Legislature's discretion. If approved by voters, this text would permanently update the state constitution to describe the legislative process for public school support without mandating specific dollar figures.

Topics ✓ Budget & Taxes ✓ Education

Sub-Topics School Funding

in committee · New Jersey · General Assembly May 7, 2026

A 4986: Requires State Board of Education to establish program to pay high school equivalency exam fees for certain low-income individuals; provides gross income tax and corporation business tax deductions for donations made to support fees.

This bill directs the New Jersey State Board of Education to create a program that covers the fees for high school equivalency exams for low-income individuals, defined as those living in households earning 150 percent or less of the federal poverty guidelines. To fund these payments, the legislation establishes a dedicated, nonlapsing fund within the Department of Education that accepts public donations and state appropriations. The bill also provides tax deductions for both individual and corporate taxpayers who contribute to this fund, making it easier for donors to support the initiative.

Topics ✓ Budget & Taxes ✓ Education ✓ Immigration

Sub-Topics Business Taxes Income Tax K-12 Education

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