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NJ A2663

Bill

Official Source

Status

Introduced

1/9/2024

Primary Sponsor

Jay Webber

Click for details

Origin

General Assembly

2024-2025 Regular Session

AI Summary

  • Allows New Jersey taxpayers to deduct charitable contributions of food from business inventory on their gross income tax returns
  • Deduction amount mirrors federal tax code provisions under section 170(e)(3) of the Internal Revenue Code as it existed on December 31, 2013
  • "Apparently wholesome food" qualifies for the deduction, defined as food meeting all quality and labeling standards but not readily marketable due to appearance, age, freshness, grade, size, or surplus
  • Contributions must be made to IRS-recognized organizations eligible to receive tax-deductible charitable contributions
  • Takes effect for taxable years beginning on or after January 1 following enactment

Legislative Description

Allows NJ gross income tax deduction for charitable contributions of food made from business inventory.

Consumer Affairs

Last Action

Introduced, Referred to Assembly Consumer Affairs Committee

1/9/2024

Committee Referrals

Consumer Affairs1/9/2024

Full Bill Text

No bill text available