Bill Text: NJ S2629 | 2010-2011 | Regular Session | Introduced
Bill Title: Provides a gross income tax deduction for the payment of credit card interest.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2011-01-10 - Introduced in the Senate, Referred to Senate Commerce Committee [S2629 Detail]
Download: New_Jersey-2010-S2629-Introduced.html
Sponsored by:
Senator JEFF VAN DREW
District 1 (Cape May, Atlantic and Cumberland)
SYNOPSIS
Provides a gross income tax deduction for the payment of credit card interest.
CURRENT VERSION OF TEXT
As introduced.
An Act providing a gross income tax deduction for the payment of credit card interest, 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. A taxpayer shall be allowed to deduct from gross income amounts paid by the taxpayer during the taxable year for interest which accrued on the taxpayer's credit card accounts.
b. As used in this section:
"Credit card account" means an account associated with a credit card, as that term is defined pursuant to section 1 of P.L.1996, c.2 (C.54:48-4.2).
2. This act shall take effect immediately and apply to taxable years commencing on or after the date of enactment.
STATEMENT
This bill provides a gross income tax deduction for the payment of credit card interest. This bill allows a taxpayer to deduct from their gross income the amount paid by the taxpayer in the taxable year for interest that accrued on the taxpayer's credit card accounts.
As defined by the bill, a credit card account is an account associated with any instrument or device linked to an established line of credit, whether known as a credit card, charge card, credit plate, or by any other name, issued with or without fee by an issuer for the use of the cardholder in satisfying outstanding financial obligations, obtaining money, goods, services or anything else of value on credit.
