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NJ S2463
Bill
Status
2/5/2024
Primary Sponsor
Anthony M. Bucco
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AI Summary
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Exempts 501(c)(3) tax-exempt non-profit organizations from the New Jersey requirement that employers with at least 20 employees offer pre-tax transportation fringe benefits to their workers
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Current state law (P.L.2019, c.38) mandates that employers with 20+ employees provide the opportunity for pre-tax transit benefits, but this creates a financial burden for non-profits
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Non-profit organizations face a 21% federal corporate tax on contributions to pre-tax transportation fringe benefits under current federal law, which prompted this exemption
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The bill takes effect immediately upon enactment
Legislative Description
Exempts certain non-profit entities from requirement that certain employers offer employees certain pre-tax transportation fringe benefits.
Transportation
Last Action
Introduced in the Senate, Referred to Senate Transportation Committee
2/5/2024