Sponsored by:
Assemblyman CHRISTOPHER P. DEPHILLIPS
District 40 (Bergen, Essex, Morris and Passaic)
Assemblyman BRIAN BERGEN
District 25 (Morris and Somerset)
SYNOPSIS
Provides one-time deduction of $10,000 for certain taxpayers under GIT.
CURRENT VERSION OF TEXT
As introduced.
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.