NJ
New Jersey Assembly Bill A1106

New Jersey 2024-2025 Regular Session

New Jersey Assembly Bill A1106

Introduced
1/9/24  

Caption

Allows gross income tax deduction for functional improvements and home repairs made to taxpayer's primary residence.

Impact

If passed, A1106 would facilitate tax deductions for expenses related to improving and maintaining primary residences. The bill defines 'functional improvement expenses' as expenditures that materially enhance the operating condition and prolong the useful life of a residence. Additionally, 'repair and maintenance expenses' will also qualify for deduction. This provision serves to support both property owners and renters, enhancing the quality of living environments in New Jersey. The lack of a cap on deductible amounts ensures that homeowners can appropriately benefit based on their actual expenditures during a given tax year.

Summary

A1106 is a legislative bill introduced in the New Jersey Assembly that allows taxpayers to deduct gross income tax for functional improvements and repair expenses made to their primary residences. This bill aims to ease the financial burden associated with home maintenance for residents across the state. By enabling such deductions, the bill intends to foster a spirit of investment in property upkeep and improvements, promoting not only personal homeowner satisfaction but also community welfare and safety.

Contention

While the bill offers benefits, there may be concerns regarding the interpretation of what constitutes eligible expenses, particularly differentiating between essential maintenance and aesthetic renovations. Parties opposing the bill could argue that such deductions may be exploited or lead to ambiguous tax calculation conditions. Additionally, the impact on state revenue from the deduction may raise questions among lawmakers about fiscal sustainability and priorities in funding public services, which could spark debate during the legislative process.

Latest A1106 Activity

Companion Bills

NJ S820

Same As Allows gross income tax deduction for functional improvements and home repairs made to taxpayer's primary residence.

NJ A970

Carry Over Allows gross income tax deduction for functional improvements and home repairs made to taxpayer's primary residence.

NJ S1750

Carry Over Allows gross income tax deduction for functional improvements and home repairs made to taxpayer's primary residence.

Previously Filed As

NJ A970

Allows gross income tax deduction for functional improvements and home repairs made to taxpayer's primary residence.

NJ S820

Allows gross income tax deduction for functional improvements and home repairs made to taxpayer's primary residence.

NJ S1750

Allows gross income tax deduction for functional improvements and home repairs made to taxpayer's primary residence.

NJ A799

Allows gross income tax deduction for amounts paid for removal of lead, asbestos, sodium, chloride, and other contaminants from taxpayer's property.

NJ A2412

Allows gross income tax deduction for amounts paid for removal of lead, asbestos, sodium, chloride, and other contaminants from taxpayer's property.

NJ A1238

Provides gross income tax deduction for costs of purchasing and installing whole house backup electrical generator for resident taxpayer's principal residence.

NJ A5476

Provides $5,000 gross income tax deduction for taxpayers who incur certain commuter expenses.

NJ A2061

Permits taxpayers to deduct the total amount of State property taxes paid on principal residence from gross income tax obligation.

NJ A5482

Provides gross income tax deduction for costs of purchasing and installing whole house backup electrical generator or home backup battery system for resident taxpayer's principal residence.

NJ A2992

Allows gross income tax deductions totaling $300,000 over five taxable years for certain primary care physicians.

Similar Bills

NJ A970

Allows gross income tax deduction for functional improvements and home repairs made to taxpayer's primary residence.

NJ S820

Allows gross income tax deduction for functional improvements and home repairs made to taxpayer's primary residence.

NJ S1750

Allows gross income tax deduction for functional improvements and home repairs made to taxpayer's primary residence.

NJ A4732

Provides gross income tax deduction for costs of purchasing and installing whole house backup electrical generator for resident taxpayer's principal residence.

NJ S1360

Provides gross income tax deduction for costs of purchasing and installing whole house backup electrical generator for resident taxpayer's principal residence.

NJ S3232

Provides gross income tax deduction for costs of purchasing and installing whole house backup electrical generator for resident taxpayer's principal residence.

NJ A1238

Provides gross income tax deduction for costs of purchasing and installing whole house backup electrical generator for resident taxpayer's principal residence.

NJ A5482

Provides gross income tax deduction for costs of purchasing and installing whole house backup electrical generator or home backup battery system for resident taxpayer's principal residence.