Homeowners could deduct some homeowners association payments from state income

Taxpayers would deduct eligible association payments from state taxable income. Payments must cover the taxpayer's main home through a qualifying New Jersey homeowners association; timeshare associations are excluded. Payments must be mandatory and regularly recurring, including any special charges claimed. Associations would report payments to state tax officials and give each payer a written statement. It would take effect when it becomes law, covering tax years beginning on or after that date.