Homeowners could subtract some association fees from income New Jersey taxes

Homeowners could subtract qualifying association payments from their New Jersey gross income. Qualifying associations would report payments and give payers statements. Payments must be for the taxpayer's main home and go to a qualifying New Jersey homeowners association. Timeshare associations are excluded. Charges must be mandatory and regularly occurring, including any special assessment claimed under the deduction. Associations would report each payer's identifying details and payment amount to state tax officials and give each payer a written statement. The deduction would apply to payments made during tax years beginning on or after the date the bill becomes law.