Budget & Taxes in New Jersey

signed · New Jersey · Senate Jun 30, 2026

S 4531: Increases amount of child tax credit in taxable years 2026, 2027, and 2028.

This New Jersey bill temporarily increases the state child tax credit for residents with incomes up to $80,000 during the tax years 2026, 2027, and 2028. The legislation raises the credit amount by $250 for each income bracket, providing an additional $250 to families earning $30,000 or less and reducing the credit by $250 for those earning between $60,000 and $80,000. After these three years, the credit amounts will revert to their previous levels. The bill does not affect taxpayers with incomes above $80,000 or children over the age of six.

Topics ✓ Budget & Taxes

Sub-Topics Tax Credits

in committee · New Jersey · Senate Jun 11, 2026

S 4441: Revises definition of income for homestead property tax reimbursement and Stay NJ property tax benefit programs; modifies elements of Stay NJ property tax benefit program.

This bill updates the rules for New Jersey's homestead property tax reimbursement and Stay NJ property tax benefit programs by clarifying how income limits and eligibility are calculated. It specifically revises the definition of "base year" to determine when a person becomes eligible for these benefits and adjusts the criteria for counting residency after a homeowner moves to a new property. The legislation also refines the definitions of key terms, such as "dwelling house" and "disabled person," to ensure consistent application of the programs. These changes directly affect current and future applicants for tax relief by establishing clearer guidelines for who qualifies and under what income conditions.

Topics ✓ Budget & Taxes ✓ Housing

Sub-Topics Property Tax Homeownership Property Taxes

in committee · New Jersey · General Assembly Jun 30, 2026

A 5347: Concerns certain motor vehicle related funding to certain municipalities.

This bill allows New Jersey municipalities with over 100,000 residents to impose a 3.5% tax on parking fees at public facilities to fund pedestrian access improvements for mass transit stations. It also modifies how parking penalty fines are distributed, directing a fixed amount or a percentage to municipal courts in rapidly growing cities to cover administrative costs. Additionally, the legislation permits cities with large commercial airports to levy a tax on vehicle rentals occurring within designated industrial zones. These changes apply only to specific municipalities meeting population and growth criteria and exclude private residential parking from the new parking tax.

Topics ✓ Budget & Taxes ✓ Transportation

Sub-Topics Pedestrian Safety Public Transit

in committee · New Jersey · General Assembly Jun 8, 2026

A 5230: Allows gross income tax deduction for sales and use tax and societal benefits charges paid on electric and gas utility bills.

This bill allows New Jersey taxpayers to deduct sales and use taxes and societal benefits charges paid on their electricity and natural gas bills for their primary homes from their gross income. The legislation directly affects individuals who pay utility taxes and aims to reduce their overall state income tax liability by treating these specific utility costs as deductible expenses. By amending existing tax statutes, the bill creates a new section that explicitly permits this deduction for the taxable year in which the taxes are paid. This change does not alter how utility companies charge for services or how taxes are collected, but rather provides a financial benefit to homeowners through the state tax code.

Topics ✓ Budget & Taxes

Sub-Topics Income Tax Sales Tax

in committee · New Jersey · Senate Jun 22, 2026

S 4502: Authorizes State acquisition of certain real property to expand affordable, rapid, and transitional housing options; makes appropriation.

This bill authorizes the State of New Jersey to use eminent domain to acquire private real property in the state's five most populous cities to address a severe housing shortage. The acquired land will be used to build affordable, rapid-rehousing, and transitional housing facilities specifically designed to assist formerly incarcerated individuals, families displaced by natural disasters, and those currently experiencing homelessness. The legislation also includes an appropriation of funds to support these construction and operational efforts, aiming to provide stable living environments and necessary supportive services. By creating publicly owned housing hubs in major urban centers, the bill seeks to alleviate the strain on existing shelters and improve access to resources for vulnerable populations.

Topics ✓ Budget & Taxes ✓ Housing

Sub-Topics Appropriations Homelessness

signed · New Jersey · Senate Jul 30, 2026

S 4423: Appropriates $77,406,208 from constitutionally dedicated CBT revenues and various Green Acres funds to DEP for local government open space acquisition and park development projects, and for certain administrative expenses.

This bill allocates approximately $77.4 million from dedicated tax revenues and Green Acres funds to the Department of Environmental Protection to support local government projects. The funding is divided between acquiring land for conservation and developing existing parks, with specific amounts designated for planning incentives, standard projects, and areas with high population density. Local municipalities and counties that meet certain population criteria are eligible to receive grants or loans to help them purchase or improve recreational spaces. Any remaining funds after the listed projects are funded may be used for additional approved initiatives with further committee approval.

Topics ✓ Budget & Taxes ✓ Environment

Sub-Topics Conservation Parks & Recreation

passed · New Jersey · Senate Jun 30, 2026

S 4495: Allows use of Green Acres funds to fully fund certain projects on State-owned land by certain nonprofit organizations.

This bill allows qualifying nonprofit organizations to receive full funding from the Green Acres Fund for projects on State-owned land without being required to provide matching funds. It changes existing rules that typically mandate nonprofits contribute their own money alongside state grants for development, repairs, or improvements of public property. The legislation specifically targets tax-exempt nonprofits working on facilities used for education, research, or recreation to help maintain and upgrade these sites. By removing the matching fund requirement, the bill aims to improve the repair and operation of State lands managed by these organizations.

Topics ✓ Budget & Taxes ✓ Environment

in committee · New Jersey · General Assembly Jun 4, 2026

A 5205: Establishes certain valuation and reporting mechanisms related to school district liabilities for certain accumulated unused leave.

This bill establishes new financial reserve accounts for New Jersey school districts to manage liabilities related to accumulated unused leave. It allows districts to set aside funds specifically for paying out sick and vacation leave when employees retire or leave their jobs, using either annual budgets or unspent funds from the current year. The legislation also creates three other reserve accounts for emergency expenses, debt repayment, and federal impact aid, while updating rules on how districts can transfer unspent money to these reserves. Ultimately, the bill provides a structured way for school boards to save money in advance to cover future employee leave costs without relying solely on current operating budgets.

Topics ✓ Budget & Taxes ✓ Education

in committee · New Jersey · General Assembly Jun 23, 2026

A 5308: Increases gross income tax deduction available to veterans from $6,000 to $9,000 and indexes deduction for inflation.

This New Jersey bill increases the state gross income tax deduction for honorably discharged veterans from $6,000 to $9,000. The change applies to veterans who served in the U.S. Armed Forces, reserve components, or the New Jersey National Guard and affects their calculation of state tax liability starting with the 2026 tax year. Additionally, the bill mandates that the $9,000 deduction amount be adjusted annually for inflation beginning in 2027 based on changes in the Chained Consumer Price Index. This adjustment ensures the tax benefit maintains its value over time without requiring new legislation each year.

Topics ✓ Budget & Taxes ✓ Veterans

Sub-Topics Income Tax Veteran Benefits Veteran Education Veteran Healthcare

passed · New Jersey · Senate Jun 18, 2026

S 4425: Appropriates $64,787,327 from constitutionally dedicated CBT revenues and other farmland preservation funds to State Agriculture Development Committee for farmland preservation purposes.

This bill appropriates approximately $64.8 million from various constitutionally dedicated funds to the State Agriculture Development Committee in New Jersey to support farmland preservation. The money will be used to purchase development easements or full ownership of farmland, provide grants to counties and municipalities for up to 80 percent of acquisition costs, and offer grants to non-profit organizations for up to 50 percent of such costs. Additionally, the legislation allocates $2.7 million specifically for stewardship activities like soil and water conservation and deer fencing on preserved lands. Any farmland bought with these funds must be resold or leased with agricultural restrictions to ensure it remains used for farming purposes.

Topics ✓ Budget & Taxes ✓ Environment

Sub-Topics Conservation

All budget & taxes bills