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Bill > S2730
NJ S2730
NJ S2730Provides gross income tax deduction for New Jersey fuel taxes paid through purchases of motor fuel for personal use of motor vehicles.
summary
Introduced
11/03/2016
11/03/2016
In Committee
11/03/2016
11/03/2016
Crossed Over
Passed
Dead
01/08/2018
01/08/2018
Introduced Session
2016-2017 Regular Session
Bill Summary
This bill provides a New Jersey gross income tax deduction for all New Jersey State fuel taxes that are paid by taxpayers on purchases of motor fuel for the operation for personal use of the taxpayer's motor vehicles and not otherwise reimbursed. Under the bill, the gross income tax deduction is allowed for taxpayers at any income level and in any filing status, and is capped at $1,000 for the 2016 taxable year (but only for purchases made after November 1, 2016, when a State fuel tax increase goes into effect) and at $2,000 for each taxable year beginning thereafter.
AI Summary
This bill provides a New Jersey gross income tax deduction for all New Jersey State fuel taxes paid by taxpayers on purchases of motor fuel for the personal use of their motor vehicles, as long as the amount is not reimbursed or deducted elsewhere. The deduction is capped at $1,000 for the 2016 taxable year (for purchases made after November 1, 2016) and $2,000 for each taxable year thereafter. The "New Jersey taxes paid on purchases of motor fuel" refers to the taxes imposed by the Petroleum Products Gross Receipts Tax Act and the Motor Fuel Tax Act.
Committee Categories
Budget and Finance
Sponsors (1)
Last Action
Introduced in the Senate, Referred to Senate Budget and Appropriations Committee (on 11/03/2016)
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| BillText | https://www.njleg.state.nj.us/2016/Bills/S3000/2730_I1.HTM |
| Bill | https://www.njleg.state.nj.us/2016/Bills/S3000/2730_I1.PDF |
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