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Bill > S881


NJ S881

NJ S881
Provides gross income tax deduction for certain donated vehicles.


summary

Introduced
01/27/2022
In Committee
01/27/2022
Crossed Over
Passed
Dead
01/08/2024

Introduced Session

2022-2023 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, such as a motor vehicle, boat, or airplane, that the taxpayer donates to a State or local law enforcement agency, from their gross income. The taxpayer must provide an independent appraisal to claim a deduction greater than $500. The law enforcement agency that accepts the donation must provide the taxpayer with a written acknowledgment detailing the donation. The bill does not require the law enforcement agency to accept any vehicle offered as a donation.

Committee Categories

Budget and Finance

Sponsors (1)

Last Action

Introduced in the Senate, Referred to Senate Budget and Appropriations Committee (on 01/27/2022)

bill text


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