Senator STEPHEN M. SWEENEY
District 3 (Cumberland, Gloucester and Salem)
Senator NELLIE POU
District 35 (Bergen and Passaic)
Assemblywoman VALERIE VAINIERI HUTTLE
District 37 (Bergen)
Assemblyman RALPH R. CAPUTO
District 28 (Essex)
Assemblyman ROBERT J. KARABINCHAK
District 18 (Middlesex)
Senator Singleton, Assemblywoman Timberlake and Assemblyman Stanley
Provides for voluntary contributions by taxpayers on gross income tax returns for Special Olympics New Jersey.
CURRENT VERSION OF TEXT
An Act concerning voluntary contributions through gross income tax returns to support Special Olympics New Jersey, 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. There is established in the Department of the Treasury a special fund to be known as the "Special Olympics New Jersey Fund."
b. 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 "Special Olympics New Jersey Fund."
c. Any costs incurred by the Division of Taxation for collection or 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 "Special Olympics New Jersey Fund."
d. The Legislature shall annually appropriate all monies deposited in the "Special Olympics New Jersey Fund" established pursuant to this section for distribution to the Special Olympics New Jersey organization.
2. This act shall take effect immediately and apply to taxable years beginning on or after the January 1 next following enactment.
This bill establishes the “Special Olympics New Jersey Fund” and provides for a designation on the State gross income tax return that will permit taxpayers to make voluntary contributions to the fund. The bill requires the Legislature to annually appropriate all monies deposited into the fund for distribution to the Special Olympics New Jersey organization.
Special Olympics New Jersey is a tax-exempt organization under 26 U.S.C.s.501(c)(3) that provides free year-round sports training and athletic competition for children and adults with intellectual disabilities.