We want to bring to your attention two important tax programs that may be relevant to you or your family: the Senior Freeze Program and the NJ Secure Choice Savings Program – RetireReady NJ. Please take note of the key deadlines and details below.

For further details on these programs, including eligibility requirements, application instructions, and exemption information, please visit the New Jersey Division of Taxation website. The links are included below.

As an additional friendly reminder, all New Jersey Businesses are required to renew their NJ Annual Report each year. Please visit the NJ Portal website to renew all your companies and pay the annual report fee. Access the site to renew your business’ annual reports here.

As always, we are here to support you. If you have any questions or need assistance, please contact us at Nisivoccia.

 

Senior Freeze Program (Property Tax Reimbursement)

The Senior Freeze Program provides reimbursement for property tax or mobile home park site fee increases on the principal residence of eligible senior citizens and disabled persons. To qualify, applicants must meet all eligibility requirements from the base year through the application year.

Key Information:

• The 2023 Application Deadline is October 31, 2024
• Income Limit: The income limit for the 2023 filing season has been increased to $150,000 for Tax Year 2022.
• Residency Requirement Update: The previous requirement of 10 consecutive years of New Jersey residency has been eliminated.
• Documentation Requirement: Most PTR-2 filers are no longer required to submit proof of property taxes paid with their application, although documentation may still be requested later.

The New Jersey Division of Taxation mailed out the 2023 Senior Freeze applications on February 12, 2024. First-time applicants or those needing to reestablish their base year can print the PTR-1 application or file online through the New Jersey Division of Taxation website – access eligibility requirements, online filing, FAQs, and more here.

NJ Secure Choice Savings Program (RetireReady NJ)

The NJ Secure Choice Savings Program, now known as RetireReady NJ, is a new initiative designed to help New Jersey workers save for retirement. This program is mandatory for businesses with 25 or more employees that have been in operation for at least two years and do not currently offer a qualified retirement plan.

Key Information:

• Effective Date: The program became active for New Jersey businesses on June 30, 2024.
• Eligibility: Businesses with 25+ employees must register with the program. Employees will have the option to contribute to a Roth or Traditional IRA through automatic payroll deductions. Self-employed individuals or those working for other employers can also participate directly.

This state-administered program is meant to offer a convenient and accessible way for workers to prepare for their financial future. Learn more about the program and sign up for upcoming learning sessions on the NJ Government website.

For businesses or employers that already offer employees a retirement plan, the existing plan provides your business with an exemption to sign up for this plan.

As a business, you are required to register and certify your exemption before the deadlines outlined below.

Certify Your Exemption Before the Deadline

New Jersey is communicating directly with plan sponsors to provide an access code and instructions to register and certify your exemption. The link below provides step-by-step instructions if you have not yet registered and certified your business.

Deadlines:

1. Employers with 40 or more employees — September 15, 2024
2. Employers with 25 to 39 employees — November 15, 2024