Bill Text: NJ A338 | 2024-2025 | Regular Session | Introduced

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Bill Title: "Gas Tax Rebate"; provides temporary gross income tax credit to certain taxpayers to offset rising gas prices.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced) 2024-01-09 - Introduced, Referred to Assembly Commerce, Economic Development and Agriculture Committee [A338 Detail]

Download: New_Jersey-2024-A338-Introduced.html

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ASSEMBLY, No. 338

STATE OF NEW JERSEY

221st LEGISLATURE

 

PRE-FILED FOR INTRODUCTION IN THE 2024 SESSION

 

 

Sponsored by:

Assemblywoman  CLAIRE S. SWIFT

District 2 (Atlantic)

 

 

 

 

SYNOPSIS

     "Gas Tax Rebate"; provides temporary gross income tax credit to certain taxpayers to offset rising gas prices.

 

CURRENT VERSION OF TEXT

     Introduced Pending Technical Review by Legislative Counsel.

  

An Act allowing a temporary gross income tax credit.

 

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

 

     1.    a.  For Tax Year 2021, a taxpayer whose gross income does not exceed $250,000 and who files jointly, as a head of household, or as a surviving spouse, shall be allowed a credit against the tax otherwise due pursuant to the "New Jersey Gross Income Tax Act," N.J.S.54A:1-1 et seq., in the amount of $1,000, and a taxpayer whose gross income does not exceed $125,000 and who is a married individual filing separately or an individual filing as a single taxpayer, shall be allowed a credit against the tax otherwise due pursuant to N.J.S.54A:1-1 et seq. in the amount of $500.

     b.    A credit allowed pursuant to this section shall not reduce the tax liability otherwise due pursuant to N.J.S.54A:1-1 et seq. for a taxable year to an amount less than zero.

     c.     If a taxpayer has already filed their Tax Year 2021 gross income tax return, the Director of the Division of Taxation shall credit the amount owed to the taxpayer pursuant to this section based on the taxpayer's filing status.

 

     2.    This act shall take effect immediately and shall retroactively apply to Tax Year 2021.

 

 

STATEMENT

 

     This bill allows a nonrefundable tax credit against the gross income tax for Tax Year 2021 to help offset rising gas prices.

     The credit amount is: $1,000 for taxpayers whose gross income does not exceed $250,000 and who file jointly, as a head of household or as a surviving spouse; and $500 for taxpayers whose gross income does not exceed $125,000 and who are married filing separately or single.