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Update New Jersey 2025 Individual Income Tax Model #7125

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Update New Jersey 2025 Individual Income Tax Model #7125

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bd47002
Initial commit for New Jersey 2025 Individual Income Tax Model update
DTrim99 Jan 7, 2026
0c4b97b
Add NJ 2025 tax updates with ANCHOR and Stay NJ programs
DTrim99 Jan 7, 2026
6700830
Move ANCHOR and Stay NJ from treasury to tax/income/credits
DTrim99 Jan 12, 2026
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7 changes: 7 additions & 0 deletions changelog_entry.yaml
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- bump: minor
changes:
added:
- Adds New Jersey ANCHOR property tax relief program with income-based benefit amounts for homeowners and renters.
- Adds New Jersey Stay NJ senior property tax reimbursement program for eligible seniors aged 65+.
changed:
- Updates New Jersey income tax parameters with 2025 references including tax brackets, exemptions, deductions, and credits.
13 changes: 13 additions & 0 deletions policyengine_us/parameters/gov/states/nj/tax/income/credits/anchor/age_threshold.yaml
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description: New Jersey provides additional benefits under the Affordable New Jersey Communities for Homeowners and Renters program to filers at or above this age.
values:
2022-01-01: 65

metadata:
unit: year
period: year
label: New Jersey ANCHOR senior age threshold
reference:
- title: P.L. 2022 - ANCHOR Program
href: https://www.nj.gov/treasury/taxation/anchor/
- title: ANCHOR Program - How Benefits Are Calculated
href: https://www.nj.gov/treasury/taxation/anchor/calculated.shtml
13 changes: 13 additions & 0 deletions ...e_us/parameters/gov/states/nj/tax/income/credits/anchor/homeowner/income_limit/lower.yaml
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description: New Jersey provides higher benefits under the Affordable New Jersey Communities for Homeowners and Renters program to homeowners with income at or below this amount.
values:
2022-01-01: 150_000

metadata:
unit: currency-USD
period: year
label: New Jersey ANCHOR homeowner lower income threshold
reference:
- title: P.L. 2022 - ANCHOR Program
href: https://www.nj.gov/treasury/taxation/anchor/
- title: ANCHOR Program - How Benefits Are Calculated
href: https://www.nj.gov/treasury/taxation/anchor/calculated.shtml
13 changes: 13 additions & 0 deletions ...e_us/parameters/gov/states/nj/tax/income/credits/anchor/homeowner/income_limit/upper.yaml
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description: New Jersey limits the Affordable New Jersey Communities for Homeowners and Renters program to homeowners with income at or below this amount.
values:
2022-01-01: 250_000

metadata:
unit: currency-USD
period: year
label: New Jersey ANCHOR homeowner income limit
reference:
- title: P.L. 2022 - ANCHOR Program
href: https://www.nj.gov/treasury/taxation/anchor/
- title: ANCHOR Program - How Benefits Are Calculated
href: https://www.nj.gov/treasury/taxation/anchor/calculated.shtml
13 changes: 13 additions & 0 deletions ...ers/gov/states/nj/tax/income/credits/anchor/homeowner/non_senior/amount/lower_income.yaml
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description: New Jersey provides this amount to non-senior homeowners with lower income under the Affordable New Jersey Communities for Homeowners and Renters program.
values:
2022-01-01: 1_500

metadata:
unit: currency-USD
period: year
label: New Jersey ANCHOR non-senior homeowner lower income benefit
reference:
- title: P.L. 2022 - ANCHOR Program
href: https://www.nj.gov/treasury/taxation/anchor/
- title: ANCHOR Program - How Benefits Are Calculated
href: https://www.nj.gov/treasury/taxation/anchor/calculated.shtml
13 changes: 13 additions & 0 deletions ...ers/gov/states/nj/tax/income/credits/anchor/homeowner/non_senior/amount/upper_income.yaml
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description: New Jersey provides this amount to non-senior homeowners with higher income under the Affordable New Jersey Communities for Homeowners and Renters program.
values:
2022-01-01: 1_000

metadata:
unit: currency-USD
period: year
label: New Jersey ANCHOR non-senior homeowner upper income benefit
reference:
- title: P.L. 2022 - ANCHOR Program
href: https://www.nj.gov/treasury/taxation/anchor/
- title: ANCHOR Program - How Benefits Are Calculated
href: https://www.nj.gov/treasury/taxation/anchor/calculated.shtml
13 changes: 13 additions & 0 deletions ...ameters/gov/states/nj/tax/income/credits/anchor/homeowner/senior/amount/lower_income.yaml
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description: New Jersey provides this amount to senior homeowners with lower income under the Affordable New Jersey Communities for Homeowners and Renters program.
values:
2022-01-01: 1_750

metadata:
unit: currency-USD
period: year
label: New Jersey ANCHOR senior homeowner lower income benefit
reference:
- title: P.L. 2022 - ANCHOR Program
href: https://www.nj.gov/treasury/taxation/anchor/
- title: ANCHOR Program - How Benefits Are Calculated
href: https://www.nj.gov/treasury/taxation/anchor/calculated.shtml
13 changes: 13 additions & 0 deletions ...ameters/gov/states/nj/tax/income/credits/anchor/homeowner/senior/amount/upper_income.yaml
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description: New Jersey provides this amount to senior homeowners with higher income under the Affordable New Jersey Communities for Homeowners and Renters program.
values:
2022-01-01: 1_250

metadata:
unit: currency-USD
period: year
label: New Jersey ANCHOR senior homeowner upper income benefit
reference:
- title: P.L. 2022 - ANCHOR Program
href: https://www.nj.gov/treasury/taxation/anchor/
- title: ANCHOR Program - How Benefits Are Calculated
href: https://www.nj.gov/treasury/taxation/anchor/calculated.shtml
13 changes: 13 additions & 0 deletions policyengine_us/parameters/gov/states/nj/tax/income/credits/anchor/renter/income_limit.yaml
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description: New Jersey limits the Affordable New Jersey Communities for Homeowners and Renters program to renters with income at or below this amount.
values:
2022-01-01: 150_000

metadata:
unit: currency-USD
period: year
label: New Jersey ANCHOR renter income limit
reference:
- title: P.L. 2022 - ANCHOR Program
href: https://www.nj.gov/treasury/taxation/anchor/
- title: ANCHOR Program - How Benefits Are Calculated
href: https://www.nj.gov/treasury/taxation/anchor/calculated.shtml
13 changes: 13 additions & 0 deletions ...ngine_us/parameters/gov/states/nj/tax/income/credits/anchor/renter/non_senior/amount.yaml
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description: New Jersey provides this amount to non-senior renters under the Affordable New Jersey Communities for Homeowners and Renters program.
values:
2022-01-01: 450

metadata:
unit: currency-USD
period: year
label: New Jersey ANCHOR non-senior renter benefit
reference:
- title: P.L. 2022 - ANCHOR Program
href: https://www.nj.gov/treasury/taxation/anchor/
- title: ANCHOR Program - How Benefits Are Calculated
href: https://www.nj.gov/treasury/taxation/anchor/calculated.shtml
13 changes: 13 additions & 0 deletions policyengine_us/parameters/gov/states/nj/tax/income/credits/anchor/renter/senior/amount.yaml
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description: New Jersey provides this amount to senior renters under the Affordable New Jersey Communities for Homeowners and Renters program.
values:
2022-01-01: 700

metadata:
unit: currency-USD
period: year
label: New Jersey ANCHOR senior renter benefit
reference:
- title: P.L. 2022 - ANCHOR Program
href: https://www.nj.gov/treasury/taxation/anchor/
- title: ANCHOR Program - How Benefits Are Calculated
href: https://www.nj.gov/treasury/taxation/anchor/calculated.shtml
2 changes: 2 additions & 0 deletions policyengine_us/parameters/gov/states/nj/tax/income/credits/cdcc/rate.yaml
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Expand Up @@ -16,6 +16,8 @@ metadata:
href: https://www.state.nj.us/treasury/taxation/pdf/current/1040i.pdf#page=45
- title: 2024 Instructions for Form NJ-1040 (line 64)
href: https://www.nj.gov/treasury/taxation/pdf/current/1040i.pdf#page=46
- title: 2025 NJ-1040 Instructions (Line 56)
href: https://www.nj.gov/treasury/taxation/pdf/current/1040i.pdf#page=44
brackets:
- threshold:
2021-01-01: -.inf
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2 changes: 2 additions & 0 deletions policyengine_us/parameters/gov/states/nj/tax/income/credits/ctc/age_limit.yaml
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Expand Up @@ -12,6 +12,8 @@ metadata:
href: https://www.state.nj.us/treasury/taxation/pdf/current/1040i.pdf#page=46
- title: 2024 NJ-1040 Instructions (line 65)
href: https://www.nj.gov/treasury/taxation/pdf/current/1040i.pdf#page=46
- title: 2025 NJ-1040 Instructions (Line 65)
href: https://www.nj.gov/treasury/taxation/pdf/current/1040i.pdf#page=46
# New Jersey child tax credit was introduced in 2022

values:
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4 changes: 3 additions & 1 deletion policyengine_us/parameters/gov/states/nj/tax/income/credits/ctc/amount.yaml
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Expand Up @@ -14,8 +14,10 @@ metadata:
href: https://www.state.nj.us/treasury/taxation/pdf/current/1040i.pdf#page=46
- title: 2024 NJ-1040 Instructions (line 65)
href: https://www.nj.gov/treasury/taxation/pdf/current/1040i.pdf#page=46
- title: 2025 NJ-1040 Instructions (Line 65)
href: https://www.nj.gov/treasury/taxation/pdf/current/1040i.pdf#page=46
# New Jersey child tax credit was introduced in 2022

brackets:
- threshold:
2022-01-01: 0
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2 changes: 2 additions & 0 deletions policyengine_us/parameters/gov/states/nj/tax/income/credits/eitc/eligibility/age/min.yaml
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Expand Up @@ -14,5 +14,7 @@ metadata:
href: https://www.state.nj.us/treasury/taxation/pdf/current/1040i.pdf#page=45
- title: 2024 NJ-1040 Instructions (line 58)
href: https://www.nj.gov/treasury/taxation/pdf/current/1040i.pdf#page=44
- title: 2025 NJ-1040 Instructions (Line 58)
href: https://www.nj.gov/treasury/taxation/pdf/current/1040i.pdf#page=44
values:
2021-01-01: 18
2 changes: 2 additions & 0 deletions policyengine_us/parameters/gov/states/nj/tax/income/credits/eitc/match.yaml
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Expand Up @@ -14,6 +14,8 @@ metadata:
href: https://www.state.nj.us/treasury/taxation/pdf/current/1040i.pdf#page=45
- title: 2024 NJ-1040 Instructions (line 58)
href: https://www.nj.gov/treasury/taxation/pdf/current/1040i.pdf#page=44
- title: 2025 NJ-1040 Instructions (Line 58)
href: https://www.nj.gov/treasury/taxation/pdf/current/1040i.pdf#page=44
values:
2000-01-01: 0.1
2001-01-01: 0.15
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2 changes: 2 additions & 0 deletions policyengine_us/parameters/gov/states/nj/tax/income/credits/property_tax/age_threshold.yaml
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Expand Up @@ -14,5 +14,7 @@ metadata:
href: https://www.state.nj.us/treasury/taxation/pdf/current/1040i.pdf#page=52
- title: 2024 NJ-1040 Instructions - Property Tax Credit
href: https://www.state.nj.us/treasury/taxation/pdf/current/1040i.pdf#page=51
- title: 2025 NJ-1040 Instructions (Property Tax Credit)
href: https://www.nj.gov/treasury/taxation/pdf/current/1040i.pdf#page=51
values:
2021-01-01: 65
2 changes: 2 additions & 0 deletions policyengine_us/parameters/gov/states/nj/tax/income/credits/property_tax/amount.yaml
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Expand Up @@ -10,6 +10,8 @@ metadata:
href: https://www.state.nj.us/treasury/taxation/pdf/current/1040i.pdf#page=44
- title: 2024 NJ-1040 Instructions (line 56)
href: https://www.state.nj.us/treasury/taxation/pdf/current/1040i.pdf#page=51
- title: 2025 NJ-1040 Instructions (Line 48)
href: https://www.nj.gov/treasury/taxation/pdf/current/1040i.pdf#page=51
unit: currency-USD
period: year
label: New Jersey property tax credit amount
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4 changes: 3 additions & 1 deletion policyengine_us/parameters/gov/states/nj/tax/income/credits/property_tax/income_limit.yaml
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Expand Up @@ -14,7 +14,9 @@ metadata:
href: https://www.nj.gov/treasury/taxation/proptaxdeduc_credit.shtml
- title: 2024 NJ-1040 Instructions - Property Tax Credit
href: https://www.nj.gov/treasury/taxation/pdf/current/1040i.pdf#page=51

- title: 2025 NJ-1040 Instructions (Property Tax Credit)
href: https://www.nj.gov/treasury/taxation/pdf/current/1040i.pdf#page=51

breakdown:
- filing_status

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15 changes: 15 additions & 0 deletions policyengine_us/parameters/gov/states/nj/tax/income/credits/staynj/age_threshold.yaml
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description: New Jersey limits the Stay NJ Property Tax Credit program to filers at or above this age.
values:
2026-01-01: 65

metadata:
unit: year
period: year
label: New Jersey Stay NJ age threshold
reference:
- title: P.L. 2023, c.75 - Stay NJ Act
href: https://pub.njleg.state.nj.us/Bills/2022/PL23/75_.HTM
- title: P.L. 2024, c.88 - Stay NJ Amendment
href: https://www.nj.gov/treasury/taxation/staynj/index.shtml
- title: NJ Division of Taxation - Stay NJ Program
href: https://www.nj.gov/treasury/taxation/staynj/index.shtml
15 changes: 15 additions & 0 deletions policyengine_us/parameters/gov/states/nj/tax/income/credits/staynj/income_limit.yaml
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description: New Jersey limits the Stay NJ Property Tax Credit program to filers with gross income below this amount.
values:
2026-01-01: 500_000

metadata:
unit: currency-USD
period: year
label: New Jersey Stay NJ income limit
reference:
- title: P.L. 2023, c.75 - Stay NJ Act
href: https://pub.njleg.state.nj.us/Bills/2022/PL23/75_.HTM
- title: P.L. 2024, c.88 - Stay NJ Amendment
href: https://www.nj.gov/treasury/taxation/staynj/index.shtml
- title: NJ Division of Taxation - Stay NJ Program
href: https://www.nj.gov/treasury/taxation/staynj/index.shtml
15 changes: 15 additions & 0 deletions policyengine_us/parameters/gov/states/nj/tax/income/credits/staynj/max_benefit.yaml
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description: New Jersey limits the Stay NJ Property Tax Credit program benefit to this maximum amount.
values:
2026-01-01: 6_500

metadata:
unit: currency-USD
period: year
label: New Jersey Stay NJ maximum benefit
reference:
- title: P.L. 2023, c.75 - Stay NJ Act
href: https://pub.njleg.state.nj.us/Bills/2022/PL23/75_.HTM
- title: P.L. 2024, c.88 - Stay NJ Amendment
href: https://www.nj.gov/treasury/taxation/staynj/index.shtml
- title: NJ Division of Taxation - Stay NJ Program
href: https://www.nj.gov/treasury/taxation/staynj/index.shtml
15 changes: 15 additions & 0 deletions policyengine_us/parameters/gov/states/nj/tax/income/credits/staynj/rate.yaml
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description: New Jersey provides this share of property taxes paid as a credit under the Stay NJ Property Tax Credit program.
values:
2026-01-01: 0.5

metadata:
unit: /1
period: year
label: New Jersey Stay NJ benefit rate
reference:
- title: P.L. 2023, c.75 - Stay NJ Act
href: https://pub.njleg.state.nj.us/Bills/2022/PL23/75_.HTM
- title: P.L. 2024, c.88 - Stay NJ Amendment
href: https://www.nj.gov/treasury/taxation/staynj/index.shtml
- title: NJ Division of Taxation - Stay NJ Program
href: https://www.nj.gov/treasury/taxation/staynj/index.shtml
2 changes: 2 additions & 0 deletions policyengine_us/parameters/gov/states/nj/tax/income/deductions/medical_expenses/rate.yaml
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Expand Up @@ -12,5 +12,7 @@ metadata:
href: https://www.nj.gov/treasury/taxation/pdf/current/1040i.pdf#page=23
- title: 2024 NJ-1040 Instructions (Worksheet F, Line 2)
href: https://www.nj.gov/treasury/taxation/pdf/current/1040i.pdf#page=25
- title: 2025 NJ-1040 Instructions (Worksheet F, Line 2)
href: https://www.nj.gov/treasury/taxation/pdf/current/1040i.pdf#page=25
values:
2021-01-01: 0.02
2 changes: 2 additions & 0 deletions policyengine_us/parameters/gov/states/nj/tax/income/deductions/property_tax/limit.yaml
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Expand Up @@ -12,6 +12,8 @@ metadata:
href: https://www.state.nj.us/treasury/taxation/pdf/current/1040i.pdf#page=32
- title: Instructions for Form NJ-1040 (Worksheet H, Line 2)
href: https://www.state.nj.us/treasury/taxation/pdf/current/1040i.pdf#page=32
- title: 2025 NJ-1040 Instructions (Worksheet H, Line 2)
href: https://www.nj.gov/treasury/taxation/pdf/current/1040i.pdf#page=32

values:
2021-01-01: 15_000
2 changes: 2 additions & 0 deletions ...parameters/gov/states/nj/tax/income/deductions/property_tax/qualifying_rent_fraction.yaml
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Expand Up @@ -12,5 +12,7 @@ metadata:
href: https://www.state.nj.us/treasury/taxation/pdf/current/1040i.pdf#page=28
- title: 2024 NJ-1040 Instructions (line 40a)
href: https://www.state.nj.us/treasury/taxation/pdf/current/1040i.pdf#page=30
- title: 2025 NJ-1040 Instructions (Line 40a)
href: https://www.nj.gov/treasury/taxation/pdf/current/1040i.pdf#page=30
values:
2021-01-01: 0.18
2 changes: 2 additions & 0 deletions policyengine_us/parameters/gov/states/nj/tax/income/exclusions/retirement/age_threshold.yaml
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Expand Up @@ -12,5 +12,7 @@ metadata:
href: https://www.state.nj.us/treasury/taxation/pdf/current/1040i.pdf#page=21
- title: 2024 NJ-1040 Instructions Line 28a 28b
href: https://www.state.nj.us/treasury/taxation/pdf/current/1040i.pdf#page=22
- title: 2025 NJ-1040 Instructions (Lines 17-18)
href: https://www.nj.gov/treasury/taxation/pdf/current/1040i.pdf#page=21
values:
2021-01-01: 62
2 changes: 2 additions & 0 deletions policyengine_us/parameters/gov/states/nj/tax/income/exclusions/retirement/max_amount.yaml
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Expand Up @@ -18,6 +18,8 @@ metadata:
href: https://www.state.nj.us/treasury/taxation/pdf/current/1040i.pdf#page=21
- title: 2024 NJ-1040 Instructions Line 28a 28b
href: https://www.state.nj.us/treasury/taxation/pdf/current/1040i.pdf#page=22
- title: 2025 NJ-1040 Instructions (Lines 17-18)
href: https://www.nj.gov/treasury/taxation/pdf/current/1040i.pdf#page=21
breakdown:
- filing_status
SINGLE:
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2 changes: 2 additions & 0 deletions .../nj/tax/income/exclusions/retirement/other_retirement_income/earned_income_threshold.yaml
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Expand Up @@ -9,5 +9,7 @@ metadata:
href: https://law.justia.com/codes/new-jersey/2022/title-54a/section-54a-6-15/
- title: 2024 NJ-1040 Instructions Line 28b
href: https://www.state.nj.us/treasury/taxation/pdf/current/1040i.pdf#page=22
- title: 2025 NJ-1040 Instructions (Line 18)
href: https://www.nj.gov/treasury/taxation/pdf/current/1040i.pdf#page=22
values:
2021-01-01: 3_000
2 changes: 2 additions & 0 deletions .../gov/states/nj/tax/income/exclusions/retirement/pension/percentage/head_of_household.yaml
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Expand Up @@ -12,6 +12,8 @@ metadata:
href: https://www.nj.gov/treasury/taxation/pdf/other_forms/tgi-ee/2022/1040i.pdf#page=22
- title: 2023 NJ-1040 Instructions Line 28a
href: https://www.state.nj.us/treasury/taxation/pdf/current/1040i.pdf#page=21
- title: 2025 NJ-1040 Instructions (Line 17)
href: https://www.nj.gov/treasury/taxation/pdf/current/1040i.pdf#page=21
brackets:
- threshold:
2021-01-01: -.inf
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2 changes: 2 additions & 0 deletions ...s/parameters/gov/states/nj/tax/income/exclusions/retirement/pension/percentage/joint.yaml
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Expand Up @@ -12,6 +12,8 @@ metadata:
href: https://www.nj.gov/treasury/taxation/pdf/other_forms/tgi-ee/2022/1040i.pdf#page=22
- title: 2023 NJ-1040 Instructions Line 28a
href: https://www.state.nj.us/treasury/taxation/pdf/current/1040i.pdf#page=21
- title: 2025 NJ-1040 Instructions (Line 17)
href: https://www.nj.gov/treasury/taxation/pdf/current/1040i.pdf#page=21
brackets:
- threshold:
2021-01-01: -.inf
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2 changes: 2 additions & 0 deletions ...arameters/gov/states/nj/tax/income/exclusions/retirement/pension/percentage/separate.yaml
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Expand Up @@ -12,6 +12,8 @@ metadata:
href: https://www.nj.gov/treasury/taxation/pdf/other_forms/tgi-ee/2022/1040i.pdf#page=22
- title: 2023 NJ-1040 Instructions Line 28a
href: https://www.state.nj.us/treasury/taxation/pdf/current/1040i.pdf#page=21
- title: 2025 NJ-1040 Instructions (Line 17)
href: https://www.nj.gov/treasury/taxation/pdf/current/1040i.pdf#page=21
brackets:
- threshold:
2021-01-01: -.inf
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2 changes: 2 additions & 0 deletions .../parameters/gov/states/nj/tax/income/exclusions/retirement/pension/percentage/single.yaml
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Expand Up @@ -12,6 +12,8 @@ metadata:
href: https://www.nj.gov/treasury/taxation/pdf/other_forms/tgi-ee/2022/1040i.pdf#page=22
- title: 2023 NJ-1040 Instructions Line 28a
href: https://www.state.nj.us/treasury/taxation/pdf/current/1040i.pdf#page=21
- title: 2025 NJ-1040 Instructions (Line 17)
href: https://www.nj.gov/treasury/taxation/pdf/current/1040i.pdf#page=21
brackets:
- threshold:
2021-01-01: -.inf
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2 changes: 2 additions & 0 deletions ...s/gov/states/nj/tax/income/exclusions/retirement/pension/percentage/surviving_spouse.yaml
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Expand Up @@ -12,6 +12,8 @@ metadata:
href: https://www.nj.gov/treasury/taxation/pdf/other_forms/tgi-ee/2022/1040i.pdf#page=22
- title: 2023 NJ-1040 Instructions Line 28a
href: https://www.state.nj.us/treasury/taxation/pdf/current/1040i.pdf#page=21
- title: 2025 NJ-1040 Instructions (Line 17)
href: https://www.nj.gov/treasury/taxation/pdf/current/1040i.pdf#page=21
brackets:
- threshold:
2021-01-01: -.inf
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4 changes: 2 additions & 2 deletions ...s/parameters/gov/states/nj/tax/income/exclusions/retirement/special_exclusion/amount.yaml
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Expand Up @@ -14,8 +14,8 @@ metadata:
href: https://www.state.nj.us/treasury/taxation/pdf/current/1040i.pdf#page=22
- title: 2024 NJ-1040 Instructions (line 28b)
href: https://www.state.nj.us/treasury/taxation/pdf/current/1040i.pdf#page=22


- title: 2025 NJ-1040 Instructions (Line 18)
href: https://www.nj.gov/treasury/taxation/pdf/current/1040i.pdf#page=22

SINGLE:
2021-01-01: 3_000
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