The New Jersey REALTORS® Governmental Research Foundation has released a new report: The Economic Importance of New Jersey Seasonal Home Rentals and Potential Impact of Imposing a Sales Tax.
This report was ordered and approved by the GRF in response to introduced legislation that would extend the 7 percent sales and use tax to seasonal home rentals. The report not only shows the importance of seasonal rentals to New Jersey’s economy, job market, and tax base, but it also highlights the negative impacts extending the sales tax to seasonal rentals would have for the state and summer rental property owners. New Jersey REALTORS® will be able to use this report to show why New Jersey should not extend the sales tax to seasonal home rentals should this legislation move forward in Trenton.
