Relay-Version: version B 2.10 5/3/83; site utzoo.UUCP Posting-Version: version B 2.10.1 6/24/83; site whuxj.UUCP Path: utzoo!watmath!clyde!burl!hou3c!hocda!houxm!whuxj!wjm From: wjm@whuxj.UUCP (MITCHELL) Newsgroups: net.taxes Subject: Re: Renter's Tax Breaks Message-ID: <138@whuxj.UUCP> Date: Tue, 28-Feb-84 15:07:45 EST Article-I.D.: whuxj.138 Posted: Tue Feb 28 15:07:45 1984 Date-Received: Wed, 29-Feb-84 14:07:42 EST Organization: Bell Labs, Whippany, N.J. Lines: 16 In reply to Tim Giebelhaus' question (and to all you other folks out on the net who wanted to but didn't ask). NJ has a similar deal to MN, in which a tenant in NJ receives a $65 credit against one's state income tax (the credit is $100 for senior citizens and some other people) in lieu of property tax rebates (since one is paying property taxes through one's rent). This is not double taxation since this credit is not income for Federal or NJ income tax purposes but does reduce one's state income tax. This will INCREASE your Federal tax since it reduces the state tax that you can deduct but since the maximum tax rate in the USA is less than 100% you come out ahead of the game. Bill Mitchell Bell Communications Research, Inc. Whippany, NJ (whuxj!wjm) maximum tax rate was 107% - you earn an additional pound, you pay 1 pound 7 pence to London - ever wonder why there are so many British tax exiles?)