Budget & Taxes in New Jersey

in committee · New Jersey · Senate Jan 13, 2026

S 1887: Permits farm income averaging credit under the New Jersey gross income tax.

This bill allows New Jersey farmers with a farming business to calculate their state income tax using averaged farming income over a four-year period (current year plus three prior base years). The tax credit equals the difference between their normal tax bill and the bill calculated with averaged income, capped at $5,000 annually. It directly affects farmers whose income fluctuates due to weather, market conditions, or production cycles. The policy aims to smooth tax payments across profitable and less profitable years, providing more predictable tax obligations.

Topics ✓ Budget & Taxes

Sub-Topics Income Tax Tax Credits

in committee · New Jersey · Senate Jan 13, 2026

S 3105: Establishes Statewide tele-psychiatry program within DHS; appropriates $4 million.

New Jersey's S 3105 establishes a statewide tele-psychiatry program within the Department of Human Services (DHS) to provide remote mental health and substance abuse crisis care. The program allows licensed providers ("consulting providers") at one location ("consultant site") to deliver real-time video consultations to patients at hospitals or facilities ("referring sites") experiencing acute mental health crises. DHS must contract with a partner organization to implement the program statewide within three years, monitor its effectiveness through annual reports, and facilitate access for rural and critical access hospitals. The bill appropriates $4 million from the General Fund to cover implementation costs, including oversight, site monitoring, and payment rates for tele-psychiatry services. It directly affects hospitals seeking crisis care access, licensed mental health providers, and patients in acute need of psychiatric evaluation.

Topics ✓ Budget & Taxes ✓ Healthcare

Sub-Topics State Budget Mental Health Substance Abuse

in committee · New Jersey · Senate Jan 13, 2026

S 1854: Exempts certain surviving spouses and surviving civil union partners of certain disabled veterans from components of the realty transfer fee.

This bill exempts surviving spouses and surviving civil union partners of disabled veterans from New Jersey's realty transfer fees. Specifically, it applies when the veteran qualified for a property tax exemption at death under existing law (C.54:4-3.30) for their home. The exemption covers both the basic state fee and the supplemental fee for selling a one- or two-family home they owned and occupied. It directly affects eligible veterans' spouses/partners who lose their home sale tax burden, aligning their treatment with current exemptions for disabled homeowners. The change amends existing fee exemption statutes to include this group.

Topics ✓ Budget & Taxes ✓ Veterans

Sub-Topics Property Tax Tax Incentives

in committee · New Jersey · Senate Jan 13, 2026

S 1234: Authorizes proportional property tax exemption for honorably discharged veterans having a service-connected disability and requires State to reimburse municipalities for cost of exemption.

This bill authorizes proportional property tax exemptions for New Jersey veterans with service-connected disabilities of 25% or higher, based on their disability percentage (up to 100%). It directly affects honorably discharged veterans with specific disabilities (like paraplegia, blindness, or amputations) and their surviving spouses under defined conditions. Key provisions include a $15,000 cap for partial exemptions and require the state to reimburse municipalities 102% of the tax loss from these exemptions annually. The law amends existing property tax exemption rules and adds new administrative requirements for tax assessors and county boards.

Topics ✓ Budget & Taxes ✓ Veterans

Sub-Topics Property Tax Tax Incentives Veteran Education Veteran Healthcare Veteran Housing

in committee · New Jersey · Senate Jan 13, 2026

S 2486: Establishes teacher recruitment grant program in DOE; appropriates $6 million to DOE.

S 2486 establishes a competitive grant program through New Jersey's Department of Education to fund organizations recruiting, training, and placing new teachers in high-poverty school districts. Eligible organizations (tax-exempt nonprofits with existing partnerships in districts where ≥40% of students are at-risk) receive grants matching their private contributions, up to $2 million annually for three years. The bill appropriates $6 million from the General Fund to cover these matching grants, targeting districts with high student poverty rates.

Topics ✓ Budget & Taxes ✓ Education

Sub-Topics State Budget Teachers

in committee · New Jersey · Senate Jan 13, 2026

S 1054: Establishes Office for Women's Advancement in DOLWD to facilitate full and equal participation of women in workplace; makes an appropriation.

This bill establishes the Office for Women’s Advancement within New Jersey’s Department of Labor and Workforce Development to promote full and equal participation of women in the workplace. The office will collect and analyze data on workplace issues affecting women - including pay gaps, hiring practices, and work-family balance - and collaborate with state agencies like the New Jersey Advisory Commission on the Status of Women. It will review legislation and regulations related to gender equity, provide public education through reports and events, and recommend policy changes. The bill also creates a dedicated "Women's Advancement Fund" to finance these activities, with an annual state appropriation.

Topics ✓ Budget & Taxes ✓ Labor & Employment

Sub-Topics Appropriations Workforce Development

in committee · New Jersey · Senate Jan 13, 2026

S 1830: "New Jersey Workforce Housing Partnership Act"; incentivizes homebuyer assistance to certain employees, provides tax credits for development of certain workforce housing, and provides certain assistance and affordability protections for middle-income residents; appropriates $55 million.

The New Jersey Workforce Housing Partnership Act (S 1830) creates a state program to help middle-income workers - like teachers, first responders, and healthcare professionals - afford homes by incentivizing employers to provide homebuyer assistance. It provides $55 million for a Workforce Housing Assistance Program that matches employer down payment help and offers low-interest mortgages, while giving tax credits to businesses that develop affordable housing for employees. The bill also includes affordability protections ensuring housing remains accessible to residents earning up to 120% of the area median income and encourages municipalities to repurpose vacant commercial spaces into workforce housing through zoning flexibility.

Topics ✓ Budget & Taxes ✓ Housing ✓ Labor & Employment

Sub-Topics Affordable Housing Homeownership Property Development

in committee · New Jersey · Senate May 18, 2026

S 580: Allows gross income tax deduction for certain student loan interest.

This bill (S 580) allows New Jersey taxpayers to deduct student loan interest from their state gross income tax, matching the federal deduction rules under Section 221 of the Internal Revenue Code. It directly affects New Jersey residents who pay interest on qualified student loans, with the deduction limited to the same amount allowed federally - currently up to $2,500 - and phased out based on income (e.g., eliminated for single filers earning $85,000+ or joint filers earning $170,000+). The state deduction automatically adjusts if federal rules change, and married couples must file jointly to claim it. The bill takes effect immediately for tax years starting after its enactment.

Topics ✓ Budget & Taxes

Sub-Topics Income Tax

in committee · New Jersey · Senate Jan 13, 2026

SR 20: Urges Governor to take steps for State participation in federal tax credit scholarship program.

This non-binding Senate Resolution (SR 20) urges New Jersey's Governor to adopt the federal tax credit scholarship program created by the "One Big Beautiful Bill Act" (Pub.L.119-21). If adopted, the program would allow New Jersey taxpayers to claim a federal tax credit of up to $1,700 annually for donations to state-recognized scholarship organizations, which would then provide scholarships covering elementary/secondary education costs like tuition, books, and transportation. The resolution directly affects New Jersey families seeking educational options, as state participation would determine whether residents can access these tax benefits and scholarship funds starting January 2027. States have sole discretion to opt into the program, and this resolution formally requests the Governor take necessary steps to join it.

Topics ✓ Budget & Taxes ✓ Education

Sub-Topics Tax Credits Higher Education School Choice Student Financial Aid

died · New Jersey · Senate Jan 28, 2026

S 1561: Subjects spent nuclear fuel located in a decommissioned nuclear power plant to taxation as business personal property.

S 1561 would amend New Jersey's property tax law to require that spent nuclear fuel stored at decommissioned nuclear power plants be taxed as business personal property. The bill explicitly adds "spent nuclear fuel located in a decommissioned nuclear power plant" to the list of taxable property under state law, which previously may have exempted it. This change would directly affect owners of decommissioned nuclear facilities, who would now pay property taxes on the spent fuel stored on-site. The key mechanism is a specific statutory amendment to R.S.54:4-1, clarifying that this fuel is subject to standard business personal property taxation.

Topics ✓ Budget & Taxes

Sub-Topics Property Tax

All budget & taxes bills