New Jersey S 4306: Restructures electric and gas public utility industries.

Bill Text

S4306 

SENATE, No. 4306 

STATE OF NEW JERSEY

222nd LEGISLATURE

� 

INTRODUCED MAY 18, 2026

Sponsored by:

Senator� CARMEN F. AMATO, JR.

District 9 (Ocean)

SYNOPSIS

���� Makes permanent additional $250 ANCHOR property tax 
benefit for certain senior citizen homeowners and tenants. 

CURRENT VERSION OF TEXT 

���� As introduced.

�� 

An Act concerning the ANCHOR Property Tax Relief Program and 
amending P.L.2023, c.75.

���� Be It 
Enacted by the Senate and General Assembly of 
the State of New Jersey:

���� 1.� Section 15 of� P.L.2023, 
c.75 (C.54:4-8.61a) is amended to read as follows:

���� 15.� a.� In addition to the 
property tax benefits paid under the ANCHOR Property Tax Relief Program to 
eligible homestead owners and tenants on their principal residences, whether 
owned or rented, pursuant to the provisions of sections 3 or 4 of P.L.1990, 
c.61 (C.54:4-8.59 or C.54:4-8.60) as amended, [the 
State Fiscal Year 2024] 
each annual appropriations act shall provide for the following 
additional benefits under the ANCHOR Property Tax Relief Program:

���� (1) a resident homestead owner 
65 years of age or older with gross income not in excess of $250,000 for the 
tax year that is used to determine such resident homestead owner's eligibility 
for the ANCHOR Property Tax Relief Program is eligible for an additional 
benefit in the amount of $250; provided, however, the total benefits received 
by such resident homestead owner under the ANCHOR Property Tax Relief Program 
and this section shall not exceed the amount of property taxes paid by such 
resident homestead owner; and

���� (2) a resident 65 years of age 
or older whose homestead is a unit of residential rental property with gross 
income not in excess of $150,000 for the tax year that is used to determine 
such resident's eligibility for the ANCHOR Property Tax Relief Program is 
eligible for an additional benefit in the amount of $250.

���� b.� The additional property 
tax benefits required pursuant to subsection a. of this section shall be paid [in State 
Fiscal Years 2024, 2025, and 2026] 
annually at the same time and in the same manner as, and as part of the 
same application process for, property tax benefits provided under the ANCHOR 
Property Tax Relief Program.

(cf:� P.L.2023, c.75, s.15)

���� 2.� This act shall take effect 
immediately.

STATEMENT

���� This bill would make permanent 
the additional $250 property tax relief benefits� that have been paid to senior 
citizen homeowners and tenants under the ANCHOR Property Tax Relief Program 
since State Fiscal Year 2024.

���� The ANCHOR Property Tax Relief 
Program provides benefits to certain taxpayers who reside in the State.� 
Generally, taxpayers are eligible for a benefit of between $450 and $1500 each 
year, depending on whether the taxpayer owned or rented a principal residence 
and the extent to which certain income requirements are met.� Taxpayers who are 
age 65 or older and meet all other program eligibility criteria qualify for an 
additional benefit of $250.� Notably, a qualifying senior citizen taxpayer who 
owns a principal residence in the State would receive the additional benefit, 
provided that their gross income for the tax year does not exceed $250,000.� A 
qualifying senior citizen whose principal residence is a unit of residential 
rental property would receive the additional benefit, provided that their gross 
income for the tax year does not exceed $150,000.� However, the period of time 
during which this additional benefit is available to qualifying senior citizens 
is limited to State Fiscal Years 2024, 2025, and 2026.� Thus, the additional 
benefit would not be provided beginning with State Fiscal Year 2027.

���� This bill would extend the 
period of time during which the additional $250 benefit is provided under the 
ANCHOR Property Tax Relief Program to require that it be paid annually in 
future State fiscal years.� Similarly, the bill would continue to provide the 
additional benefit at the same time, in the same manner, and as part of the 
same application process for, other benefits that are provided under the 
program.