SOUTH JERSEY (KYW Newsradio) — New Jersey is one of the most expensive places to buy or rent a home in the country. Two bills working their way through Trenton are pushing for better affordability.
The bills received unanimous approval in a Senate Budget Committee hearing. State Sen. Troy Singleton of Burlington County said one is for homeowners and the other for renters.
Both provide immediate as well as long-term relief.
If passed, the first bill would return more than $330 million to homeowners from the energy gross receipts tax over two years.
“Essentially what it does is it says look, this revenue that typically would go to the state actually now would stay in local communities,” he explained. “It has to go directly to offset the municipal levy, the municipal tax in town.”
The other bill allows renters to increase tax deductions to 30% from the current 18%, a savings of more than $130 million a year.
Singleton said both bills have significant bipartisan support, and he hopes both will be up for a full vote very soon.