Bill > A4517

Introduced Session

This bill allows a New Jersey gross income tax deduction to taxpayers for charitable contributions that are made to certain nonprofit entities. New Jersey gross income taxpayers would be allowed to deduct from gross income the amount of charitable contributions that are made during the taxable year to a nonprofit entity that is the recipient of State funds or an economic development subsidy in that tax year. The bill provides that the amount of the deduction may not exceed $10,000 for married taxpayers filing a joint return and individuals filing as heads of household, and $5,000 for single filers, married taxpayers filing separately, and surviving spouses. The bill defines ²economic development subsidy² as a provision of financial assistance to a business entity by or from a State public body with a value of greater than $500 for the purpose of stimulating economic development in New Jersey, including, but not limited to, any bond, grants, loan, loan guarantee, matching fund, tax credit, or other type of tax incentive. Under the bill, ²economic development subsidy² would not mean any contract under which a State public body purchases or otherwise procures goods, services, or construction on an unsubsidized basis, including any contract solely construction or renovation owned by a State public body. The bill defines ²nonprofit entity² as a corporation, association, or organization, which is not operated for pecuniary profit of any private shareholders or individual, and which is not a component of the federal, State, or local governments.

Committee Categories

Aura Dunn (R)*, 

Introduced, Referred to Assembly Aging and Human Services Committee (on 06/06/2024)

Official Document