ASSEMBLY, No. 1093

STATE OF NEW JERSEY

Introduced Pending Technical Review by Legislative Counsel

PRE-FILED FOR INTRODUCTION IN THE 1996 SESSION

By Assemblyman CORODEMUS

An Act concerning income tax credits and supplementing 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 resident taxpayer shall be allowed a credit against the tax otherwise due under this act in an amount equal to the amount expended by the taxpayer for the removal of an underground storage tank used for home heating oil, the replacement of an underground storage tank used for home heating oil with an above-ground storage tank used for home heating oil or a corrosion-resistant underground storage tank, and the remediation of any contamination that occurred or was discovered at the time of removal or replacement of the underground storage tank. To receive the income tax credit established pursuant to this subsection, the taxpayer shall comply with the requirements established pursuant to the rules and regulations adopted pursuant to subsection b. of this section.

    b. The Director of the Division of Taxation, in consultation with the Commissioner of Environmental Protection, shall adopt, pursuant to the "Administrative Procedure Act," P.L.1968, c.410 (C.54:14B-1 et seq.), rules and regulations necessary to implement the provisions of this act. The rules and regulations shall include, but not be limited to, requirements and procedures for the verification of the removal or replacement of the underground storage tank, the necessity for any remediation, the completion of the removal or replacement, and the remediation, if any is required, and the amount expended. The rules and regulations shall also specify the forms of proof to be required of the taxpayer in order to obtain the credit.

    2. This act shall take effect on the first day of January following enactment.

STATEMENT

    This bill provides a State personal income tax credit for the expenditure made by a resident taxpayer for the removal of an underground storage tank for home heating oil, the replacement of an underground storage tank for home heating oil with a more corrosion-resistant underground storage tank or above-ground storage tank, and the remediation of any contamination that occurred or was discovered at the time of removal or replacement of the underground storage tank.

Provides State income tax credit for cost of removing or replacing underground storage tanks and remediating any contamination.