Bill
Bill > A2735
summary
Introduced
02/01/2018
02/01/2018
In Committee
02/01/2018
02/01/2018
Crossed Over
Passed
Dead
01/08/2020
01/08/2020
Introduced Session
2018-2019 Regular Session
Bill Summary
This bill allows a taxpayer to deduct from gross income the fair market value of a qualified vehicle that the taxpayer donates to a State or local law enforcement agency in the taxable year. A State or local law enforcement agency that accepts the donation of a qualified vehicle shall provide the taxpayer written acknowledgment that includes the name of the taxpayer; the make, model, and year of the vehicle; the vehicle or other identification number; and, if the value of the vehicle is greater than $500, the fair market value of the vehicle based on an independent appraisal provided by the taxpayer. Under the bill, a State or local law enforcement agency is not required to accept any vehicle offered as a donation.
AI Summary
This bill allows a taxpayer to deduct the fair market value of a qualified vehicle, such as a motor vehicle, boat, or airplane, that they donate to a state or local law enforcement agency from their gross income for the taxable year in which the donation occurs. The state or local law enforcement agency that accepts the donation must provide the taxpayer with a written acknowledgment that includes details about the donation. The taxpayer must provide an independent appraisal to claim a deduction greater than $500, and the deduction cannot reduce the taxpayer's taxable income below zero. The bill also clarifies that the law enforcement agency is not required to accept any vehicle offered as a donation.
Committee Categories
Budget and Finance
Sponsors (2)
Last Action
Introduced, Referred to Assembly Appropriations Committee (on 02/01/2018)
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/2018/Bills/A3000/2735_I1.HTM |
| Bill | https://www.njleg.state.nj.us/2018/Bills/A3000/2735_I1.PDF |
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