Bill
Bill > A2014
summary
Introduced
01/14/2020
01/14/2020
In Committee
01/14/2020
01/14/2020
Crossed Over
Passed
Dead
01/11/2022
01/11/2022
Introduced Session
2020-2021 Regular Session
Bill Summary
This bill allows a taxpayer to deduct from gross income the fair market value of a qualified vehicle that the taxpayer donates to a State or local law enforcement agency in the taxable year. A State or local law enforcement agency that accepts the donation of a qualified vehicle shall provide the taxpayer written acknowledgment that includes the name of the taxpayer; the make, model, and year of the vehicle; the vehicle or other identification number; and, if the value of the vehicle is greater than $500, the fair market value of the vehicle based on an independent appraisal provided by the taxpayer. Under the bill, a State or local law enforcement agency is not required to accept any vehicle offered as a donation.
AI Summary
This bill allows a taxpayer to deduct the fair market value of a qualified vehicle (a motor vehicle, boat, or airplane) that the taxpayer donates to a state or local law enforcement agency from their gross income for the taxable year in which the donation occurs. The taxpayer must provide an independent appraisal of the vehicle's fair market value if the value exceeds $500. The law enforcement agency that accepts the donation must provide the taxpayer with a written acknowledgment that includes details about the donated vehicle. The bill does not require law enforcement agencies to accept any offered vehicle donations.
Committee Categories
Budget and Finance
Sponsors (4)
Last Action
Introduced, Referred to Assembly Appropriations Committee (on 01/14/2020)
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| BillText | https://www.njleg.state.nj.us/2020/Bills/A2500/2014_I1.HTM |
| Bill | https://www.njleg.state.nj.us/2020/Bills/A2500/2014_I1.PDF |
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