This bill amends New Jersey's school funding formula to include the value of certain properties normally exempt from property taxes (like government-owned land) when calculating a school district's "equalized valuation." This change directly affects all public school districts receiving state aid, as it alters how the state determines each district's share of funding. The key mechanism updates the definition of "equalized valuation" to explicitly add exempt property values to the tax base used for aid calculations. As a result, districts with significant exempt properties may see adjustments in their state aid amounts based on this revised valuation method. The bill does not change the overall funding level but modifies the formula used to distribute existing state aid.
This bill creates a tax credit for corporations selling retail products made entirely in New Jersey. Corporations can claim a $3.31 credit for every $100 in sales of qualifying "New Jersey made products," defined as goods where all significant parts, processing, and labor originate in New Jersey (with no more than negligible outside content). The credit reduces liability under New Jersey's corporation business tax, not sales tax. It directly affects businesses selling such products, offering a financial incentive to prioritize in-state manufacturing.
This bill provides two tax benefits: it exempts retail sales of certain school supplies, art supplies, instructional materials, computers under $3,000, and school computer supplies under $1,000 from New Jersey's sales tax when purchased by individuals for non-business use year-round (replacing a temporary back-to-school holiday). It also creates a $500 annual deduction for eligible teachers' unreimbursed classroom expenses, including items like books, pencils, computers, and lab equipment. The tax exemption applies to sales after the fourth month following enactment, while the deduction applies to taxable years starting after the next January 1. These provisions directly affect students purchasing supplies, parents buying school items, and teachers covering classroom costs.
This bill establishes a New Jersey tax credit program to encourage businesses to hire and retain employees with developmental disabilities. Employers qualify for a credit of $1 per hour worked (up to $2,000 per employee annually), provided the employee works at least 500 hours in the state and the employer meets eligibility requirements like offering qualifying health insurance. The program is funded with a $2 million annual cap, administered by the Division of Developmental Disabilities, and requires employers to apply yearly by January 15. It directly affects New Jersey employers and individuals with developmental disabilities meeting the defined criteria (including autism, cerebral palsy, or intellectual disabilities).
This New Jersey bill (S 1853) provides tax credits to small business employers (fewer than 25 employees, under $1 million annual revenue) and farm employers for increased mandatory insurance costs. It allows a credit equal to the difference between current-year costs for workers' compensation, disability, and unemployment insurance versus the prior year’s costs for the same employees/wages, capped at $12,000 annually. The credit applies to corporation business tax and gross income tax filings for tax periods starting January 1, 2020, through December 31, 2029. Businesses cannot use the same costs for other tax credits or incentives during overlapping periods.
This bill (S 1570) limits annual reductions to New Jersey school districts' state aid payments, capping cuts at 1% per school year. It directly affects all school districts receiving state aid by preventing any single-year reduction exceeding 1% compared to the prior year's disbursement. Key provisions establish this 1% cap as a new rule, overriding previous formulas that allowed larger annual cuts. Exceptions apply for certain districts meeting specific criteria (e.g., high-tax areas with spending below adequacy), but the core change is the universal 1% reduction limit for all districts. The bill does not increase aid but restricts how much aid can be reduced annually.
This bill exempts qualifying senior citizens, blind individuals, and disabled persons from paying the general purpose fee and the state portion of the basic real estate transfer fee when selling their own one- or two-family home. It applies only if the seller (not the buyer) meets the qualifying status, owns and occupies the property, and the home is not jointly owned with someone who doesn't qualify. The exemption does not apply to properties selling for over $1 million (which are subject to a separate 1% fee), and it covers specific transfer fees under New Jersey's realty transfer tax system. This change directly affects low- to moderate-income senior, blind, or disabled homeowners selling their primary residence.
This bill establishes the Public Education Innovation Fund within New Jersey's Department of Education to provide grants to low-performing public schools for implementing educational innovation programs. Schools qualify if they meet specific academic performance thresholds based on state assessment results, such as high percentages of students scoring below proficiency in math or language arts. Businesses that donate to this fund receive tax credits - up to $10,000 annually for gross income tax, and corporation business tax credits - directly tied to their donations. The total tax credits available annually are capped at $5 million, with certifications issued on a first-come, first-served basis. The fund aims to address academic barriers through innovative strategies in schools meeting the defined performance criteria.
This bill increases the annual cap on tax credits available for neighborhood revitalization projects in New Jersey from $15 million to $65 million. It directly affects businesses that fund qualified neighborhood preservation projects, allowing them to claim larger tax credits against certain business taxes. The key change is raising the total credit limit per fiscal year and adding a carryover provision: if credits aren't fully used in one year, the unused amount rolls over to the next year. This expands funding flexibility for projects under the Neighborhood Revitalization Tax Credit Program, which supports community development through private investment.
S 1762 establishes a "Surplus Gross Income Tax Revenue Account" within New Jersey's Property Tax Relief Fund. It requires the State Treasurer to deposit half of any unanticipated gross income tax revenue exceeding projections by more than 6% annually into this reserve. The account functions as a dedicated "rainy day fund" specifically for property tax relief programs and State Aid programs that offset local property taxes. Funds in the account can only be used for these purposes, with strict conditions for withdrawal (e.g., during revenue shortfalls or emergencies), and cannot be used to increase tax rates. This creates a mechanism to save excess tax collections for future property tax relief, directly affecting taxpayers through potential future relief programs.
