SENATE, No. 1867

STATE OF NEW JERSEY

INTRODUCED MARCH 10, 1997

By Senators CASEY and SCOTT

An Act concerning voluntary contributions through gross income tax returns for the Korean Veterans' Memorial Fund, supplementing chapter 9 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. Each taxpayer shall have the opportunity to indicate on the taxpayer's New Jersey gross income tax return that a portion of the taxpayer's tax refund or an enclosed contribution be deposited in the "Korean Veterans' Memorial Fund," established pursuant to section 4 of P.L.1996, c.72 (C.52:18A-218). The Director of the Division of Taxation in the Department of the Treasury shall provide each taxpayer with the opportunity to indicate the taxpayer's preference on the tax return to contribute to the fund in substantially the following way:

"The New Jersey Korean War Memorial: I wish to contribute $5 □, $10 □, other amount $_______ □ to this fund."

    b. Any costs incurred by the Division of Taxation for collection or administration attributable to this section may be deducted from the receipts collected pursuant to this section, as determined by the Director of the Division of Budget and Accounting in the Department of the Treasury. The State Treasurer shall deposit into the "Korean Veterans' Memorial Fund" net contributions collected pursuant to this section.

    2. This act shall take effect immediately and apply to taxable years beginning on or after January 1 following enactment.

STATEMENT

    This bill provides for a checkoff on the State gross income tax return to permit taxpayers to make voluntary contributions to the Korean Veterans' Memorial Fund. The fund was established by recently enacted legislation (P.L.1996, c.72), which also created the Korean Veterans' Memorial Committee. The purpose of the committee is to select a suitable location for a Korean Veterans' Memorial, determine methods of financing the construction and maintenance of the memorial, and develop a competition for the design of the memorial.

    Contributions received by means of this tax checkoff will be used in the overall planning of the memorial.

Provides for voluntary contributions by taxpayers on gross income tax returns for Korean Veterans' Memorial Fund.