[First Reprint]
ASSEMBLY, No. 1093
STATE OF NEW JERSEY
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 1[this act] N.J.S.54A:1-1 et seq.1 in an amount equal to the amount expended by the taxpayer for the removal of an underground storage tank used for home heating oil 1or motor fuel1, the replacement of an underground storage tank used for home heating oil 1or motor fuel1 with an above-ground storage tank used for home heating oil 1or motor fuel1 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. 1The tax credit shall not be greater than the tax liability and shall not carry forward beyond the tax year the expenses were incurred. The tax credit shall expire on December 31 of the fifth year following the effective date of this act.1 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 1[(C.54:14B-1 et seq.)] (C.52:14B-1 et seq.)1, 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.
Provides State income tax credit for cost of removing or replacing underground storage tanks and remediating any contamination.