ASSEMBLY SENIOR ISSUES, TOURISM AND GAMING COMMITTEE

STATEMENT TO

ASSEMBLY, No. 518

STATE OF NEW JERSEY

DATED: JUNE 3, 1996

      The Assembly Senior Issues, Tourism and Gaming Committee reports favorably Assembly, No.518.

      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.

      This bill was prefiled for introduction in the 1996 session pending technical review. As reported, the bill includes the changes required by technical review, which has been performed.