Bill Text: NJ A1334 | 2024-2025 | Regular Session | Introduced

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Bill Title: Provides one-time deduction of $10,000 for certain taxpayers under GIT.

Spectrum: Slight Partisan Bill (Republican 2-1)

Status: (Introduced) 2024-01-09 - Introduced, Referred to Assembly Commerce, Economic Development and Agriculture Committee [A1334 Detail]

Download: New_Jersey-2024-A1334-Introduced.html

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ASSEMBLY, No. 1334

STATE OF NEW JERSEY

221st LEGISLATURE

 

PRE-FILED FOR INTRODUCTION IN THE 2024 SESSION

 

 

Sponsored by:

Assemblyman  CHRISTOPHER P. DEPHILLIPS

District 40 (Bergen, Essex and Passaic)

Assemblyman  BRIAN BERGEN

District 26 (Morris and Passaic)

 

Co-Sponsored by:

Assemblywoman Tucker

 

 

 

 

SYNOPSIS

     Provides one-time deduction of $10,000 for certain taxpayers under GIT.

 

CURRENT VERSION OF TEXT

     Introduced Pending Technical Review by Legislative Counsel.

  

An Act providing a one-time deduction of $10,000 for certain gross income taxpayers.

 

     Be It Enacted by the Senate and General Assembly of the State of New Jersey:

 

     1.    In addition to the personal exemptions allowed in subsections (a) and (b) of N.J.S.54A:3-1, for the taxable year beginning on January 1, 2020, the following additional personal exemptions shall be allowed as a deduction from gross income:

     a.     For married individuals filing a joint return and individuals filing as head of household or as surviving spouse for federal income tax purposes, if the taxable income is not over $250,000 - $10,000.

     b.    For married individuals filing separately, unmarried individuals other than individuals filing as head of household or as a surviving spouse for federal income tax purposes, and estates and trusts, if the taxable income is not over $125,000 - $10,000.

 

     2.    This act shall take effect immediately.

 

 

STATEMENT

 

     This bill provides a one-time deduction of $10,000 from gross income that can be claimed in addition to other deductions.  This deduction applies to households and joint filers earning under $250,000 and single filers earning under $125,000. The purpose of the bill is to provide relief in the wake of the COVID-19 pandemic.