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Bill > A338
NJ A338
NJ A338"Gas Tax Rebate"; provides temporary gross income tax credit to certain taxpayers to offset rising gas prices.
summary
Introduced
01/09/2024
01/09/2024
In Committee
01/09/2024
01/09/2024
Crossed Over
Passed
Dead
01/12/2026
01/12/2026
Introduced Session
2024-2025 Regular Session
Bill Summary
This bill allows a nonrefundable tax credit against the gross income tax for Tax Year 2021 to help offset rising gas prices. The credit amount is: $1,000 for taxpayers whose gross income does not exceed $250,000 and who file jointly, as a head of household or as a surviving spouse; and $500 for taxpayers whose gross income does not exceed $125,000 and who are married filing separately or single.
AI Summary
This bill allows a nonrefundable tax credit against the gross income tax for Tax Year 2021 to help offset rising gas prices. The credit amount is $1,000 for taxpayers whose gross income does not exceed $250,000 and who file jointly, as a head of household or as a surviving spouse, and $500 for taxpayers whose gross income does not exceed $125,000 and who are married filing separately or single. The credit cannot reduce the taxpayer's tax liability to less than zero, and if a taxpayer has already filed their 2021 tax return, the credit will be applied by the Division of Taxation.
Committee Categories
Business and Industry
Sponsors (1)
Last Action
Introduced, Referred to Assembly Commerce, Economic Development and Agriculture 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/A338 |
| BillText | https://pub.njleg.gov/Bills/2024/A0500/338_I1.HTM |
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