Bill
Bill > S1360
NJ S1360
NJ S1360Provides gross income tax deduction for costs of purchasing and installing whole house backup electrical generator for resident taxpayer's principal residence.
summary
Introduced
01/09/2024
01/09/2024
In Committee
01/09/2024
01/09/2024
Crossed Over
Passed
Dead
Introduced Session
2024-2025 Regular Session
Bill Summary
This bill allows a gross income tax deduction from a resident taxpayer's gross income for the amount paid by the taxpayer during the taxable year for the purchase and installation of a whole house backup electrical generator installed at the taxpayer's primary residence. A whole house backup electrical generator is a natural gas or liquid gas propane fuel powered generator that is permanently connected to the electrical system of a one or two-family residential structure and only operates in the event of a power outage in order to provide backup power to the residential structure. To qualify for the deduction the generator also must have been installed, inspected, located and permitted according to any applicable State and local governing unit laws, regulations, code, or ordinance requirements. The function of the generator is to provide back-up electrical power for the entire residence when electric power from the local electric utility is interrupted. The tax deduction allowed in this bill will encourage New Jersey homeowners to take steps to ensure their own power supplies and reduce their reliance on electricity supply grids that are vulnerable to blackouts caused by circumstances such as extreme weather, flooding, and drought. Back-up electrical power can protect anyone in the home who depends on a medical device, oxygen tank, CPAP machine, humidifier, air conditioning, or another appliance or device that requires electricity. Keeping home medical devices functioning through a whole house generator would reduce demand on emergency medical services and police during outages. A home owner may also avoid an indoor flood caused by a burst pipe or inoperable sump pump during an interruption of their electricity supply during severe winter weather. A home owner may also avoid the loss of well water supply that relies upon an electric-powered well pump.
AI Summary
This bill allows a gross income tax deduction for New Jersey resident taxpayers who purchase and install a whole house backup electrical generator at their primary residence. A "whole house backup electrical generator" is defined as a natural gas or propane-powered generator that is permanently connected to the home's electrical system and only operates during a power outage to provide backup power to the entire residence. To qualify for the deduction, the generator must be installed, inspected, and permitted according to applicable state and local laws and regulations. The goal of this bill is to encourage New Jersey homeowners to take steps to ensure their own power supplies and reduce their reliance on vulnerable electricity grids, which can protect residents who depend on medical devices and prevent issues like flooding or water loss during outages.
Committee Categories
Budget and Finance
Sponsors (1)
Last Action
Introduced in the Senate, Referred to Senate Budget and Appropriations Committee (on 01/09/2024)
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/2024/S1360 |
| BillText | https://pub.njleg.gov/Bills/2024/S1500/1360_I1.HTM |
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