Bill Text: NJ A3394 | 2014-2015 | Regular Session | Introduced

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Bill Title: Allows gross income tax deduction for certain donations to the Rutgers University Foundation.

Spectrum: Partisan Bill (Democrat 3-0)

Status: (Introduced - Dead) 2014-06-09 - Introduced, Referred to Assembly Higher Education Committee [A3394 Detail]

Download: New_Jersey-2014-A3394-Introduced.html

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ASSEMBLY, No. 3394

STATE OF NEW JERSEY

216th LEGISLATURE

 

INTRODUCED JUNE 9, 2014

 

 

Sponsored by:

Assemblyman  JOHN S. WISNIEWSKI

District 19 (Middlesex)

 

 

 

 

SYNOPSIS

     Allows gross income tax deduction for certain donations to the Rutgers University Foundation.

 

CURRENT VERSION OF TEXT

     As introduced.

  

An Act allowing a gross income tax deduction for certain donations to the Rutgers University Foundation, 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 the  amount of donation to the Rutgers University Foundation made in the taxable year and allowed or allowable to the taxpayer pursuant to section 170 of the federal Internal Revenue Code (26 U.S.C. s.170).

 

     2.    This act shall take effect immediately and apply to taxable years beginning on or after the January 1 next following the date of enactment.

 

 

STATEMENT

 

     This bill allows a gross income tax deduction for donations to the Rutgers University Foundation if those donations are also allowable as deductions for charitable contributions under the federal Internal Revenue Code.

     The Rutgers University Foundation is the fundraising arm of Rutgers, the State University of New Jersey.  Founded in 1973, it is the central coordinating facility for all private-sector support of the University.