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Bill > S2463
NJ S2463
NJ S2463Exempts certain non-profit entities from requirement that certain employers offer employees certain pre-tax transportation fringe benefits.
summary
Introduced
02/05/2024
02/05/2024
In Committee
02/05/2024
02/05/2024
Crossed Over
Passed
Dead
01/12/2026
01/12/2026
Introduced Session
2024-2025 Regular Session
Bill Summary
This bill provides that an entity organized under 26 U.S.C. s.501c(3) is exempt from the requirement under current law that all employers in this State that employ at least 20 persons offer all of that employer's employees the opportunity to utilize a pre-tax transportation fringe benefit. Under current federal law, non-profit organizations are taxed on contributions to the pre-tax transportation fringe benefit at the federal corporate tax rate of 21 percent. This tax rate burdens non-profit organizations that are required to participate in the transportation fringe benefit.
AI Summary
This bill exempts certain non-profit organizations, specifically those organized under Section 501(c)(3) of the Internal Revenue Code, from the requirement that all employers in New Jersey with at least 20 employees offer their employees the opportunity to utilize a pre-tax transportation fringe benefit. This exemption is provided because non-profit organizations are taxed on contributions to the pre-tax transportation fringe benefit at the federal corporate tax rate of 21%, which burdens these organizations.
Committee Categories
Transportation and Infrastructure
Sponsors (1)
Last Action
Introduced in the Senate, Referred to Senate Transportation Committee (on 02/05/2024)
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/S2463 |
| BillText | https://pub.njleg.gov/Bills/2024/S2500/2463_I1.HTM |
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