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Bill > A1556

NJ A1556

NJ A1556
Provides gross income tax credit for donations to eligible schools to assist in funding of student meals, medical supplies, and playground equipment.

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 nonrefundable gross income tax credit for qualified donations to eligible schools. The tax credit amount is equal to 10 percent of the value of the qualified donations, and is capped at $500 per taxable year. Under the bill, "qualified donation" means a donation made to an eligible school for one or more of the following purposes: funding for student participation in a free or reduced meal program at the eligible school; the purchase of medical supplies to be used for the treatment of students at the eligible school; and the purchase of playground equipment, including accompanying shade structures, for use at the eligible school. The bill defines "eligible school" as a public or nonpublic elementary or secondary school in this State.

AI Summary

This bill allows a nonrefundable gross income tax credit for qualified donations to eligible schools. The tax credit amount is equal to 10 percent of the value of the qualified donations, capped at $500 per taxable year. "Qualified donation" means a donation made to an eligible public or nonpublic elementary or secondary school in New Jersey for the purposes of funding student meal programs, purchasing medical supplies for student treatment, or purchasing playground equipment. The bill requires the eligible school to provide the taxpayer with a written statement substantiating the qualified donation in order for the taxpayer to claim the credit.

Committee Categories

Business and Industry

Sponsors (2)

Last Action

Introduced, Referred to Assembly Commerce, Economic Development and Agriculture Committee (on 01/09/2024)
(1 Companion Bills)

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Document Type Source Location
State Bill Page https://www.njleg.state.nj.us/bill-search/2024/A1556
BillText https://pub.njleg.gov/Bills/2024/A2000/1556_I1.HTM
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