summary
Introduced
01/27/2022
01/27/2022
In Committee
01/27/2022
01/27/2022
Crossed Over
Passed
Dead
01/08/2024
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)
Official Document
bill text
bill summary
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bill summary
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bill summary
Document Type | Source Location |
---|---|
State Bill Page | https://www.njleg.state.nj.us/bill-search/2022/S881 |
BillText | https://www.njleg.state.nj.us/Bills/2022/S1000/881_I1.HTM |
Bill | https://www.njleg.state.nj.us/Bills/2022/S1000/881_I1.PDF |
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