Bill > A1225

This bill provides a gross income tax credit of up to $1,000 per year for New Jersey taxpayers who pay tolls on state roadways using an electronic toll collection system, commonly known as E-ZPass. To qualify for the credit, the total amount of tolls paid by the taxpayer in a taxable year must exceed $1,000. The credit specifically applies to tolls paid for the operation of a motor vehicle and excludes any amounts paid as fines, penalties, administrative fees for establishing an E-ZPass account, or tolls reimbursed by an employer. It also excludes tolls that are deductible for federal or state income tax purposes, even if not actually deducted. If the credit reduces the taxpayer's tax liability to zero, any remaining credit amount will be refunded to the taxpayer, though without interest. This provision aims to offer financial relief to individuals who frequently use toll roads in New Jersey.