ASSEMBLY, No. 518

STATE OF NEW JERSEY

Introduced Pending Technical Review by Legislative Counsel

PRE-FILED FOR INTRODUCTION IN THE 1996 SESSION

By Assemblywoman CRECCO and Assemblyman BLEE

An Act allowing a deduction from gross income for the cost incurred by a taxpayer in supporting a family member 65 years of age or older, 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 taxpayer shall be allowed a deduction from gross income equal to the cost, not to exceed $1,000, incurred by the taxpayer for the taxable year for the support of a member or members of the taxpayer's family who are 65 years of age or older at the end of the taxable year.

    2. This act shall take effect immediately and apply to taxable years beginning after its enactment.

STATEMENT

    This bill provides that a taxpayer may deduct from gross income taxable under the "New Jersey Gross Income Tax Act" an amount equal to the cost incurred by the taxpayer for the support of a member or members of the taxpayer's family, 65 years of age or older, up to a maximum deduction of $1,000.

Allows a deduction under New Jersey gross income tax of the cost incurred by a taxpayer in supporting a family member at least 65 years old, up to a maximum of $1,000.