{"id":3170,"date":"2018-07-13T18:08:38","date_gmt":"2018-07-13T18:08:38","guid":{"rendered":"http:\/\/www.ua-cpas.com\/?p=3170"},"modified":"2019-01-09T04:20:01","modified_gmt":"2019-01-09T04:20:01","slug":"nj-budget-increases-real-estate-tax-deduction","status":"publish","type":"post","link":"https:\/\/www.ua-cpas.com\/blog\/index.php\/2018\/07\/13\/nj-budget-increases-real-estate-tax-deduction\/","title":{"rendered":"NJ Budget Increases Real Estate Tax Deduction!"},"content":{"rendered":"<p><span style=\"background-color: #ffffff; color: #800080;\"><strong>What\u2019s In the 2019 NJ Budget\u2026and What Does it Mean for You?<\/strong><\/span><\/p>\n<p>While New Jersey residents have been busy surviving the summer heat\u2026.Governor Phil Murphy and NJ State lawmakers reached a<\/p>\n<figure id=\"attachment_3417\" aria-describedby=\"caption-attachment-3417\" style=\"width: 275px\" class=\"wp-caption alignright\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-3417\" src=\"https:\/\/www.ua-cpas.com\/blog\/wp-content\/uploads\/2019\/01\/Small-house.jpg\" alt=\"\" width=\"275\" height=\"183\" \/><figcaption id=\"caption-attachment-3417\" class=\"wp-caption-text\">Increased Real Estate Tax Deduction<\/figcaption><\/figure>\n<p>budget deal before the commencement of the fiscal year beginning July 1, 2018.<\/p>\n<p>&nbsp;<\/p>\n<ul>\n<li>NJ residents will now be able to deduct up to $15,000 per year of property taxes. Historically the deduction was limited to $10,000.<\/li>\n<li>Approximately 500,000 New Jersey residents who are eligible for the Earned Income Tax Credit will see a small increase of about $53. The budget included funding for the first of a three-year increase from 35% of the federal tax credit to 40%.<\/li>\n<li>About 70,000 State residents will become eligible for a new tax credit to help pay for child and dependent care. This credit is aimed at households with income below $60,000.<\/li>\n<li>The State\u2019s sales tax rate will not increase but will remain at 6.625%.<\/li>\n<li>The budget restores $150 million to the Homestead Property Tax Relief program<\/li>\n<li>Plastic and paper bags will be taxed at 5 cents per bag<\/li>\n<li>NJ will begin collecting a 50-cent surcharge on solo rides and 25 cent surcharge on shared rides for Uber and Lyft<\/li>\n<\/ul>\n<p><strong>\u00a0<\/strong><span style=\"color: #800080;\"><strong>Anything else I should be aware of?<\/strong><\/span><\/p>\n<p>New Jersey is planning a 90 day amnesty program through which delinquent taxpayers will have an opportunity to obtain compliance with the Division of Taxation and reduce interest and penalties on their outstanding tax liabilities.\u00a0 Program details are expected at a later date.\u00a0 For assistance, please contact our Tax Manager, Steven Citron.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>2019 NJ Budget increased the real estate tax deduction for individuals from $10,000 to $15,000. An Amnesty Program is planned for delinquent taxpayers<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[10,22],"tags":[149],"class_list":{"0":"post-3170","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-hot-topics","7":"category-tax-tips-for-individuals","8":"tag-nj-income-taxes","9":"entry"},"_links":{"self":[{"href":"https:\/\/www.ua-cpas.com\/blog\/index.php\/wp-json\/wp\/v2\/posts\/3170","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.ua-cpas.com\/blog\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.ua-cpas.com\/blog\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.ua-cpas.com\/blog\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.ua-cpas.com\/blog\/index.php\/wp-json\/wp\/v2\/comments?post=3170"}],"version-history":[{"count":2,"href":"https:\/\/www.ua-cpas.com\/blog\/index.php\/wp-json\/wp\/v2\/posts\/3170\/revisions"}],"predecessor-version":[{"id":3418,"href":"https:\/\/www.ua-cpas.com\/blog\/index.php\/wp-json\/wp\/v2\/posts\/3170\/revisions\/3418"}],"wp:attachment":[{"href":"https:\/\/www.ua-cpas.com\/blog\/index.php\/wp-json\/wp\/v2\/media?parent=3170"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.ua-cpas.com\/blog\/index.php\/wp-json\/wp\/v2\/categories?post=3170"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.ua-cpas.com\/blog\/index.php\/wp-json\/wp\/v2\/tags?post=3170"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}