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Bill > S555

NJ S555

NJ S555
Provides gross income tax deduction for certain donated vehicles.

summary

Introduced
01/09/2024
In Committee
01/09/2024
Crossed Over
Passed
Dead
01/12/2026

Introduced Session

2024-2025 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, but not a vehicle held primarily for sale) that they donate to a state or local law enforcement agency from their gross income. The agency that accepts the donation must provide the taxpayer with a written acknowledgment that includes details about the vehicle and its fair market value if it exceeds $500, based on an independent appraisal provided by the taxpayer. The deduction cannot reduce the taxpayer's income below zero, and the law enforcement agency is not required to accept any offered vehicle donation. The bill applies to taxable years beginning on or after January 1 following its enactment.

Committee Categories

Budget and Finance

Sponsors (1)

Last Action

Introduced in the Senate, Referred to Senate Budget and Appropriations Committee (on 01/09/2024)
(3 Companion Bills)

bill text

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Document Type Source Location
State Bill Page https://www.njleg.state.nj.us/bill-search/2024/S555
BillText https://pub.njleg.gov/Bills/2024/S1000/555_I1.HTM
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