SENATE STATE GOVERNMENT COMMITTEE
STATEMENT TO
SENATE, No. 616
with committee amendments
STATE OF NEW JERSEY
DATED: FEBRUARY 22, 1996
The Senate State Government Committee reports favorably and with committe amendments Senate, No. 616.
This bill amends the provision of the "New Jersey Gross Income Tax Act" governing the amount that a taxpayer may elect to contribute from the person's State income tax liability to the "Gubernatorial Elections Fund." This is the fund from which moneys are paid to support public financing for qualified primary and general election candidates for the office of Governor. The bill would replace the current single contribution option of $1 with three alternative levels of contribution: $1, $3, and $5.
The bill also provides for future adjustments in those checkoff options to reflect the increase in the cost of living. Computation of the amount of the increase would be done quadrennially on the same schedule as applies to the calculation of the cost-of-living adjustments currently applicable to other amounts under the gubernatorial campaign finance statute; the actual checkoff amount would be set by rounding the adjusted figure so computed to the nearest whole dollar amount.
The bill would take effect on the January 1 following enactment and be applicable to the taxes due for the year of enactment.
COMMITTEE AMENDMENTS
The committee amended the bill to clarify the designation of a contribution to the fund by means of a joint return and to clarify which amendatory provisions of the bill, if it became law, would be inoperative until November 30, 2000.