A highway sign directing drivers to New Jersey

kconnors – MorgueFile

Under Singleton’s bill, single homeowners earning $125,000 per year or married couples earning $250,000 a year would be eligible for a credit on state taxes of up to 50 percent of their mortgage prepayments, at a cap of $1,000. The tax credit would be available for 10 years to individuals with a 15- or 30-year fixed-rate mortgage on their primary residence or refinanced mortgages with regular mortgage payments.

Singleton says the bill aims to offer some relief to middle-class homeowners. “We believe that this will not only help individuals pay down their mortgage faster, but also makes it easier for them to make ends meet on a day to day sort of way,” he says.

The bill still has to weave through the state legislature for approval. So far, it’s been approved by the state’s Senate Community and Urban Affairs Committee and next heads to the Budget Committee.

Source:
NJ Could Give You $1,000 to Pay Off Your Mortgage,” New Jersey 101.5 (Aug. 1, 2018)