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250,000 NJ Residents Face $25M Tax Credit Risk

3/7/2025

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Summary

Story summary

Around 250,000 New Jersey residents risk missing a $25 million income tax credit due to property tax benefit changes.
The adjustments synchronize the ANCHOR benefit year with Stay NJ and Senior Freeze, impacting non-filers.
To qualify for the $100 credit, eligible residents must submit Forms NJ-1040-HW for 2022 and 2023.
Future property tax benefits remain uncertain, contingent on the state budget's allocation.

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Story summary

Around 250,000 New Jersey residents risk missing a $25 million income tax credit due to property tax benefit changes.
The adjustments synchronize the ANCHOR benefit year with Stay NJ and Senior Freeze, impacting non-filers.
To qualify for the $100 credit, eligible residents must submit Forms NJ-1040-HW for 2022 and 2023.
Future property tax benefits remain uncertain, contingent on the state budget's allocation.