Bill Text: NJ A1147 | 2012-2013 | Regular Session | Introduced
Bill Title: Provides a gross income tax credit for textbook purchases made for undergraduate education.
Spectrum: Partisan Bill (Democrat 3-0)
Status: (Introduced - Dead) 2012-01-10 - Introduced, Referred to Assembly Budget Committee [A1147 Detail]
Download: New_Jersey-2012-A1147-Introduced.html
STATE OF NEW JERSEY
215th LEGISLATURE
PRE-FILED FOR INTRODUCTION IN THE 2012 SESSION
Sponsored by:
Assemblywoman PAMELA R. LAMPITT
District 6 (Burlington and Camden)
Assemblywoman ANNETTE QUIJANO
District 20 (Union)
SYNOPSIS
Provides a gross income tax credit for textbook purchases made for undergraduate education.
CURRENT VERSION OF TEXT
Introduced Pending Technical Review by Legislative Counsel
An Act providing a gross income tax credit for undergraduate textbook purchases 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 taxpayer who has gross income of $150,000 or less for the taxable year and who has paid one-half or more of the costs of tuition of a dependent under the age of 22 years who is a resident of this State and a full-time or part-time undergraduate student in good standing at a New Jersey four-year institution of higher education, a New Jersey county college, or an accredited post-secondary business, technical, trade or vocational school in this State shall be allowed a credit against the tax otherwise due pursuant to the "New Jersey Gross Income Tax Act," N.J.S.54A:1-1 et seq., in an amount equal to 10% of the cost of textbooks purchased, paid by the taxpayer during the taxable year, up to a maximum credit of $100 per taxable year.
b. A resident taxpayer who has gross income of $150,000 or less for the taxable year and who has paid one-half or more of the costs of tuition for the taxpayer's full-time or part-time undergraduate attendance in good standing at a New Jersey four-year institution of higher education, a New Jersey county college, or an accredited post-secondary business, technical, trade or vocational school in this State shall be allowed a credit against the tax otherwise due pursuant to the "New Jersey Gross Income Tax Act," N.J.S.54A:1-1 et seq., in an amount equal to 10% of the cost of textbooks purchased, paid by the taxpayer during the taxable year, up to a maximum credit of $100 per taxable year.
c. For the purposes of this section: "Textbook" means any reading material, printed or electronic, that the educational institution, college or school requires the student to purchase for any course in which the student is registered.
d. The gross income tax credits authorized in subsections a. and b. of this section may only be applied to the costs of textbooks that are incurred for coursework that the student completes.
2. This act shall take effect immediately and shall apply to taxable years beginning after enactment.
STATEMENT
This bill establishes a gross income tax credit for textbooks purchased by taxpayers and their dependents enrolled as full-time or part-time undergraduate students at four-year institutions of higher education, county colleges or accredited post-secondary schools in New Jersey. The tax credit is equal to 10% of total textbook costs and may not exceed $100. Eligible textbook costs include those paid by a taxpayer for a resident dependent under 22 years of age or those paid by a resident taxpayer for their own post-secondary education. Textbook costs incurred for both full-time and part-time undergraduate studies are covered by the credit so long as the student completes the coursework which necessitated the textbook purchase. The term "textbook" is defined to include reading materials required by educational institutions for the courses in which the student registers. Taxpayers with gross incomes of up to $150,000 are eligible for the credit.
The purpose of the credit is to ease the financial burden associated with educational costs for New Jersey residents and taxpayers. The credit is also meant to encourage taxpayers and their dependents to choose New Jersey educational institutions over out-of-State institutions.
