Bill Text: NJ A2924 | 2014-2015 | Regular Session | Amended

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Bill Title: Modernizes the distribution of gross income tax refunds by making direct deposit the default distribution method.

Spectrum: Moderate Partisan Bill (Democrat 8-1)

Status: (Engrossed - Dead) 2014-12-15 - Received in the Senate, Referred to Senate Budget and Appropriations Committee [A2924 Detail]

Download: New_Jersey-2014-A2924-Amended.html

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[First Reprint]

ASSEMBLY, No. 2924

STATE OF NEW JERSEY

216th LEGISLATURE

 

INTRODUCED MARCH 20, 2014

 

 

Sponsored by:

Assemblyman  JOSEPH A. LAGANA

District 38 (Bergen and Passaic)

Assemblyman  DECLAN J. O'SCANLON, JR.

District 13 (Monmouth)

Assemblyman  JOHN J. BURZICHELLI

District 3 (Cumberland, Gloucester and Salem)

Assemblyman  CARMELO G. GARCIA

District 33 (Hudson)

 

 

 

 

SYNOPSIS

     Modernizes the distribution of gross income tax refunds by making direct deposit the default distribution method.

 

CURRENT VERSION OF TEXT

     As reported by the Assembly Appropriations Committee on October 2, 2014, with amendments.

  

An Act modernizing the distribution of gross income tax refunds, supplementing Title 54A of the New Jersey Statutes.

 

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

 

     1.    a.  For gross income tax refunds due for taxable years beginning on or after January 1, ¹[2014] 2015¹, the Director of the Division of Taxation shall establish the default system for distributing gross income tax refunds as electronic fund transfer for direct deposit into a recipient's account held by a financial institution ¹[.  The] , provided that:

     the¹ director shall allow a gross income tax refund recipient the opportunity to elect to receive the refund via conventional check as an alternative to the direct deposit default ¹; and

     the director determines that the State will sustain no disadvantage in establishing direct deposit by electronic fund transfer as the default system for distributing gross income tax refunds¹.

     b.    To the extent the Division of Taxation is capable of implementation, gross income tax refunds that have yet to be issued on or after the date of enactment of this section for taxable years beginning before January 1, ¹[2014] 2015¹ shall be issued in accordance with this section.

     c.     As used in this section:

     "Financial institution" means a State or federally chartered bank, savings bank, savings and loan association, credit union, or other entity approved by the director, which owns or operates branch office teller terminals or automated teller machines.

 

     2.   This act shall take effect immediately.