Sponsored by:
Assemblyman JOHN DIMAIO
District 23 (Hunterdon, Somerset and Warren)
SYNOPSIS
Provides for voluntary contributions by taxpayers to General Fund on gross income tax return.
CURRENT VERSION OF TEXT
As introduced.
An Act concerning voluntary contributions through gross income tax returns to support the General Fund and supplementing chapter 9 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 have the opportunity to indicate on the taxpayer’s New Jersey gross income tax return that a portion of the taxpayer’s tax refund or an enclosed contribution shall be deposited in the General Fund.
b. Any costs incurred by the Division of Taxation for collection and administration attributable to this section may be deducted from receipts collected pursuant to this section, as determined by the Director of the Division of Budget and Accounting in the Department of the Treasury. The State Treasurer shall deposit net contributions collected pursuant to this section into the General Fund.
2. This act shall take effect immediately and apply to taxable years beginning on or after the January 1 next following enactment.
STATEMENT
This bill provides for a designation on the State gross income tax return that will permit taxpayers to make voluntary contributions to the General Fund.
The General Fund is the fund into which all State revenues, not otherwise restricted by statute or the State Constitution, are deposited and from which appropriations are made. The largest part of the total financial operations of the State is accounted for in the General Fund. Revenues received from most taxes, federal revenues, and certain miscellaneous revenue items are recorded in the General Fund.