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Bill > A3369


NJ A3369

NJ A3369
Provides gross income tax deduction for certain donated vehicles.


summary

Introduced
03/07/2022
In Committee
03/07/2022
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 (any motor vehicle, boat, or airplane, excluding vehicles held primarily for sale) 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 is required to provide the taxpayer with a written acknowledgment of the donation. The bill does not require the agency to accept any offered vehicle. The deduction cannot reduce the taxpayer's taxable income below zero, and the bill takes effect immediately and applies to taxable years starting on or after the January 1 following enactment.

Committee Categories

Transportation and Infrastructure

Sponsors (1)

Last Action

Introduced, Referred to Assembly Transportation and Independent Authorities Committee (on 03/07/2022)

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