Bill Text: NJ A3439 | 2014-2015 | Regular Session | Introduced
Bill Title: Allows gross income tax credit for contributions to nonprofit public school support organizations.
Spectrum: Partisan Bill (Democrat 13-0)
Status: (Introduced - Dead) 2014-06-23 - Introduced, Referred to Assembly Education Committee [A3439 Detail]
Download: New_Jersey-2014-A3439-Introduced.html
Sponsored by:
Assemblyman ANGEL FUENTES
District 5 (Camden and Gloucester)
Assemblyman PATRICK J. DIEGNAN, JR.
District 18 (Middlesex)
Assemblyman CARMELO G. GARCIA
District 33 (Hudson)
Assemblyman TROY SINGLETON
District 7 (Burlington)
Co-Sponsored by:
Assemblyman Benson, Assemblywomen Jasey, Lampitt, Sumter, Caride, Jimenez, Assemblymen Mukherji, Lagana and Eustace
SYNOPSIS
Allows gross income tax credit for contributions to nonprofit public school support organizations.
CURRENT VERSION OF TEXT
As introduced.
An Act allowing a gross income tax credit for individual contributions to nonprofit public school support organizations, 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. An individual taxpayer shall be allowed a credit against the tax otherwise due under the "New Jersey Gross Income Tax Act," N.J.S.54A:1-1 et seq., in an amount equal to the amount contributed by that individual in a taxable year to a nonprofit public school support organization, up to a maximum credit of $500. If the credit exceeds the amount of tax otherwise due, the amount of excess shall be an overpayment for the purposes of N.J.S.54A:9-7, provided however, that subsection (f) of N.J.S.54A:9-7 shall not apply.
b. As used in this section, "nonprofit public school support organization" means a nonprofit organization established to operate exclusively for the financial and educational benefit of a school district or a particular public primary or secondary school in the State, and which makes funds raised or received by the organization available to the district or school for educational programs, services or materials. "Nonprofit public school support organization" includes an educational foundation, education foundation, school foundation or other entity that meets the above criteria.
2. This act shall take effect immediately and shall apply to taxable years beginning on or after the January 1 next following enactment.
STATEMENT
This bill provides a New Jersey gross income tax credit to an individual taxpayer who makes a monetary contribution to a nonprofit public school support organization. The credit is equal to the amount contributed, up to a maximum credit of $500 per year.
In order to qualify for the credit, the contribution must be to a nonprofit organization that is established solely to provide financial and educational assistance to school districts or individual public primary or secondary schools. Such nonprofit organizations may include entities known as education foundations or school foundations.
The bill acknowledges the significant pressures on school budgets and education funding, and the role of parents, alumni and community members in supplementing educational resources through their contributions. To compensate those individuals who make monetary contributions to nonprofit public school support organizations, this bill provides a tax credit to the individual in the amount of the contribution.
