Bill Text: NJ S2426 | 2012-2013 | Regular Session | Introduced
Bill Title: Provides homestead owners gross income tax deduction for certain water supply and sewerage charges.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2013-01-08 - Introduced in the Senate, Referred to Senate Community and Urban Affairs Committee [S2426 Detail]
Download: New_Jersey-2012-S2426-Introduced.html
Sponsored by:
Senator NICHOLAS P. SCUTARI
District 22 (Middlesex, Somerset and Union)
SYNOPSIS
Provides homestead owners gross income tax deduction for certain water supply and sewerage charges.
CURRENT VERSION OF TEXT
As introduced.
An Act providing homestead owners a gross income tax deduction for certain water supply and sewerage charges, supplementing chapter 3 of Title 54A of the New Jersey Statutes.
Be It Enacted by the Senate and General Assembly of the State of New Jersey:
1. A taxpayer shall be allowed to deduct from gross income amounts paid by the taxpayer during the taxable year for rents, rates, fees, or other charges for direct or indirect connection with, or for the use or service of, a water supply system or sewerage system, or both, that is provided by a municipality that recovers the cost of those services by billing service recipients directly rather than through local property tax assessments; or that is provided by an entity other than a municipality, such as a utility, authority or private company, to the extent that such connection, use or service pertains to the taxpayer's homestead.
As used in this section:
"Homestead" means a homestead as defined under section 2 of P.L.1996, c.60 (C.54A:3A-16).
2. This act shall take effect immediately and apply to taxable years beginning on or after the January 1 next following enactment.
STATEMENT
This bill provides resident homestead owners a gross income tax deduction for certain water supply and sewerage charges. Under the bill, a taxpayer may deduct from gross income amounts paid for water and sewerage charges if the services are provided by a municipality that recovers the cost by billing service recipients directly rather than through local property tax assessments; or if the services are provided by an entity other than a municipality, such as a utility, authority or private company.
This bill will help taxpayers pay for the increasing cost of water and sewerage services.
