Bill > A1060

This bill allows a taxpayer to deduct the fair market value of a qualified vehicle (a motor vehicle, boat, or airplane, but not a vehicle held primarily for sale to customers) that the taxpayer donates to a State or local law enforcement agency in the taxable year. The taxpayer must provide an independent appraisal if the value of the vehicle is greater than $500. The law enforcement agency that accepts the donation must provide the taxpayer with written acknowledgment of the donation. The bill does not require a law enforcement agency to accept any offered vehicle donation. The deduction cannot reduce the taxpayer's taxable income below zero, and the bill applies to taxable years beginning on or after January 1 following the bill's enactment.

Budget and Finance