I'm a homeowner and itemize deductions. Where should I report the New Jersey homeowner homestead rebate I received -- on Line 10 of Form 1040? Or should it be deducted from Line 6 of Schedule A? Taxpayers who claimed itemized deductions, including real estate taxes, on last year's (2007) federal income tax return will need to report their homestead rebate as either income for 2008, or in the alternative (which I favor), a reduction of current-year real estate taxes. And don't wait for a Form 1099 from New Jersey advising you of how much your rebate was.
The Homestead Rebate check, Trenton's no-strings-attached bonus for homeowners and seniors, may be canceled or cut next year to balance New Jersey's budget amid a teetering economy, New Jersey's top three Democratic leaders now say. The triumvirate of Trenton power -- Governor Corzine, Senate President Dick Codey and Assembly Speaker Joe Roberts -- say they are not eager to cut the popular, election-season check.
Steeper cuts in the Homestead Rebate program could avert the closing of state parks and hospitals and other unpopular cuts in Governor Corzine's $33 billion budget, Senate President Dick Codey said Monday. Codey, the second-most-powerful figure in state government, said limiting generous checks to seniors and property own-ers earning $100,000 or less could defuse tension over Corzine's austere spending plan.
Vanderburgh County property owners hoping to have a little extra cash in their pockets by Christmas may get their wish. The county auditor's office on Thursday began mailing more than 44,000 homestead rebate checks. All should be sent out by today, County Auditor Bill Fluty said.
PARAMUS -- Cuts to a state property tax rebate and tenant relief program discriminate against the state's most vulnerable residents, while the state requires no such sacrifices from lucrative corporations and the "super-rich," representatives of two community groups said Monday. Speaking at a Paramus meeting of the Bergen Senior Citizen Coordinating Council, representatives of the non-profit groups New Jersey Tenants Organization and Better Choices for New Jersey urged the 25-member audience to lobby their legislators to restore the so- called Homestead Rebate program.
GOVERNOR Christie on Tuesday proposed a state budget that would cut business taxes, double homestead rebates for some middle-class homeowners, increase school aid and even pay into New Jersey's lagging public employee pension fund. His $29.4 billion spending plan is a series of reasoned, urgent and important decisions, he said, the product of a zero-based budgeting mind-set that sets priorities and refuses to protect long-held sacred cows. It is also a bet. As in, I'll bet the Legislature will do as I say if I promise them something I know voters want in return. As in, I'll double homestead rebate credits for senior citizens if you enact pension and benefit reforms for public employees.
TRENTON -- Fort Lee retiree Anna Lypinski, 78, stood among throngs of people Saturday afternoon, staring at a jumbotron and occasionally chanting as speaker after speaker assailed Governor Christie as an abrasive leader with little concern about New Jersey's elderly, senior or working-class residents. Her gray hair pinned back into a bun and a water bottle strapped across her body, Lypinski said the governor's plan to cut state support for free lunch programs for poor children and the Homestead Rebate that benefits seniors and the disabled was enough to get her on a bus from Hackensack to Trenton for Saturday's massive rally.
Grim-faced Democrats and Corzine administration officials say they have no choice but to cut, at least temporarily, the bulk of the Homestead Rebate program. Unfortunately due to the severe revenue decline, we're going to have to for this year suspend most of the rebate program," state Treasurer David Rousseau told lawmakers Tuesday.
The check is in the mail -- almost -- if you are one of the lucky ones getting a homestead rebate. And if you're one of the really lucky ones, someone who can survive perfectly well without the money, I hope you'll consider joining me in donating it to feed people who do need help.
T'S HARD to turn down money from the government. Once a year, like a little present, homeowners and tenants find nestled among the credit card bills and utility bills a Homestead Rebate check, just waiting to be cashed. That envelope from Trenton may seem more like a lifejacket than extra help right now, as anxieties deepen about the worsening economy.
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