Bill > S1514

This bill allows taxpayers to claim a credit against their New Jersey Gross Income Tax, which is the tax on income earned by individuals in the state, for certain tolls paid on New Jersey toll roadways using an electronic toll collection system like E-ZPass. Specifically, if a taxpayer pays more than $1,000 in tolls in a taxable year, they can receive a credit of up to $1,000. However, this credit does not apply to tolls paid as fines or penalties, administrative fees for setting up an E-ZPass account, tolls reimbursed by an employer, or tolls that could be deducted as business expenses or unreimbursed employee expenses on federal or state tax returns. If the credit reduces the taxpayer's tax liability to zero, any remaining credit will be refunded to the taxpayer. This provision takes effect immediately and applies to tax years starting on or after January 1, 2013.