Bill
Bill > A2733
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 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 from their gross income the fair market value of a qualified vehicle (which can include a motor vehicle, boat, or airplane) that they donate to a state or local law enforcement agency. The taxpayer must provide an independent appraisal if the value of the vehicle is greater than $500. The law enforcement agency that accepts the donation must provide the taxpayer with written acknowledgment of the donation, including details about the vehicle and its fair market value. The bill also specifies that law enforcement agencies are not required to accept any offered vehicle donations.
Committee Categories
Transportation and Infrastructure
Sponsors (1)
Last Action
Introduced, Referred to Assembly Transportation and Independent Authorities 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/A2733 |
| BillText | https://pub.njleg.gov/Bills/2024/A3000/2733_I1.HTM |
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