STATE OF NEW JERSEY
220th LEGISLATURE
PRE-FILED FOR INTRODUCTION IN THE 2022 SESSION
Sponsored by:
Assemblyman BENJIE E. WIMBERLY
District 35 (Bergen and Passaic)
Assemblywoman CAROL A. MURPHY
District 7 (Burlington)
SYNOPSIS
Provides for voluntary contributions by taxpayers on gross income tax returns to support NJ SHARES.
CURRENT VERSION OF TEXT
Introduced Pending Technical Review by Legislative Counsel.
An Act concerning voluntary contributions through gross income tax returns to support NJ SHARES, 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. There is established in the Department of the Treasury a special fund to be known as the "NJ SHARES Fund."
b. A 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 shall be deposited in the "NJ SHARES Fund."
c. Any costs incurred by the Division of Taxation for collection or administration attributable to this section may be deducted from 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 net contributions collected pursuant to this section to the "NJ SHARES Fund."
d. The Legislature shall annually appropriate all monies deposited in the "NJ SHARES Fund" established pursuant to this section for distribution to New Jersey SHARES, Inc. (NJ SHARES) for the purposes of providing assistance to New Jersey households who are in need of temporary help in paying their energy bills due to a short-term financial crisis.
2. This act shall take effect immediately and apply to taxable years beginning on or after the January 1 following the date of enactment.
STATEMENT
This bill establishes the "NJ SHARES Fund" and provides for a designation on the State gross income tax return that will permit taxpayers to make voluntary contributions to the fund for distribution to New Jersey SHARES, Inc. (NJ SHARES), a statewide, non-profit organization, that provides assistance to New Jersey households who are in need of temporary help in paying their energy bills due to a short-term financial crisis.
New Jersey SHARES, Inc., (NJ SHARES) provides assistance to individuals and families living in New Jersey who are in need of temporary help in paying their energy bills. To qualify for assistance from NJ SHARES, an individual or family must be facing a financial crisis and not be eligible for welfare or other income-based energy assistance programs. Recipients must also have a history of good-faith payments of their utility bills.