Annual Post Tax Year Income Statement Of Qualified New Jersey Resident Page 2
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2FORM PD5/2007
GENERAL INSTRUCTIONS
1. FILING PROCEDURE -
On or before March 1 of the post-tax year, deduction recipients MUST file this
Income Statement with the municipal tax collector to confirm that annual income for the preceding tax year did not
exceed the $10,000 limit, after permitted income exclusion, and that anticipated income for the current tax year will
not exceed $10,000. Deduction recipients must also confirm that all other eligibility conditions continue to be met.
2. APPLICABLE INCOME PERIOD - The income period is the same tax year as the tax year for which the
deduction was claimed or received. For example, an Annual Post-Tax Year Statement to be filed on or before
March 1, 2008 should support the deduction claim for tax year 2007 by confirming actual 2007 income. It should
also support the current deduction claim for tax year 2008 by estimating 2008 anticipated income.
3. EXTENSION OF TIME FOR FILING THIS INCOME STATEMENT - Where illness or medical problem, as
certified by a physician's statement, prevents timely filing of the Annual Post-Tax Year Income Statement the
collector may at his or her discretion grant a reasonable extension of time to file but no later than May 1 of the post-
tax year.
4. INCOME DEFINED - N.J.S.A. 54:4-8.40(a) defines "income" as all income from whatever source derived
including, but not limited to, realized capital gains except for a capital gain resulting from the sale or exchange of real
property owned and used by the taxpayer as his principal residence...and, in their entirety, pension, annuity and
retirement benefits.
N.J.A.C. 18:14-1.1 defines "income" as salaries, wages, bonuses, commissions, tips and other compensations
before payroll deductions, all dividends, interest, realized capital gains, royalties, income from rents, business income
and, in their entirety, pension, annuity and retirement benefits. Realized capital gains, except for capital gain resulting
from the sale or exchange of real property owned and used by the taxpayer as his principal residence,...and dividends,
interest, pensions, annuities and retirement benefits must be included in full without deductions even though they may
be wholly or partially exempt for Federal income tax purposes.
N.J.A.C. 18:14-1.1 further defines "business income" as gross income derived from a business, trade,
profession or the rental of property after deductions of the ordinary and necessary expenses of the business, trade,
profession or rental of property allowed under the Federal Internal Revenue Code and regulations.
"Disability benefits," the New Jersey Constitution and statutes are silent on the subject of disability income
other than those disability benefits received under a Federal, State, or Political Subdivision program which are
excludable only to the extent of the maximum benefit received under the Federal Social Security Act. Therefore, any
other disability income received should be evaluated for inclusion or exclusion based on its proper treatment for
Federal Income Tax purposes.
"Married/civil union persons income," income received by the applicant and spouse/civil union partner is
combined in establishing eligibility for the property tax deduction unless they are living separately. N.J.S.A. 54:4-
8.41 provides, in part, income of a married/civil union person includes an amount equal to the income of the
spouse/civil union partner during the applicable income year, except for that portion of the year as the two were living
apart in a state of separation, whether under judicial decree or otherwise.
N.J.A.C. 18:14-1.1 also provides income of claimant's family members other than a spouse/civil union partner
is not to be combined with income of claimant.
NOTE: In accordance with the Civil Union Eligibility guidelines that apply to married couples and surviving
spouses apply equally to civil union couples and surviving civil union partners.
5. EXCLUDABLE INCOME DEFINED - Benefits are excludable under only ONE of three categories:
1. The Federal Social Security Act and all its amendments and supplements;
2. Any other Federal government program or Federal law which provides benefits in whole and in part in lieu
of Social Security benefits or for persons excluded from coverage under Social Security, including but not
limited to the Federal Railroad Retirement Act and Federal pension, disability and retirement programs;
3. Pension, disability or retirement programs of any state or its political subdivisions, or agencies for persons
not covered under Social Security.
** NOTE Where the claimant and/or spouse/civil union partner receives only Social Security benefits and no
benefits under 2. & 3., the amount of Social Security received can be deducted from income in full.
Where the claimant and/or spouse/civil union partner receives both Social Security benefits and
government retirement/disability benefits under 2. or 3., the larger of either one of the income categories
can be deducted but any government pension/disability benefit deduction cannot exceed the maximum
allowable Social Security benefit. The amount of Federal, State, County, Municipal pension, disability or
retirement benefit etc. excluded should be based on actual benefits received provided that the total
excluded under 2. or 3. above is not in excess of the maximum benefit amount excludable in similar
circumstances under 1. Social Security.
N.J.S.A. 54:4-8.40(a)(1)(2)(3)
6. DOCUMENTARY PROOFS REQUIRED - Each collector may require any information necessary to establish
claimant's deduction entitlement.
7. DISALLOWANCE - Failure to timely file this statement or meet income and other eligibility requirements will
result in disallowance of the deduction. Claimants will be notified by formal Notice of Disallowance. Disallowed
deductions must be repaid on or before June 1 of the post-tax year or where a filing extension was granted no later
than 30 days after mailing of the Notice of Disallowance. If unpaid, taxes will be delinquent, constitute a lien on the
property and a personal debt of claimant.
8. APPEALS - Disallowed claims may be appealed to the County Board of Taxation.
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This form is prescribed by the New Jersey Division of Taxation, as required by law, and may be reproduced for
distribution but may not be altered without prior approval.
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