Bill Text: NJ A3704 | 2022-2023 | Regular Session | Introduced
Bill Title: "Gas Price and Inflation Tax Credit Act."
Spectrum: Partisan Bill (Republican 6-0)
Status: (Introduced - Dead) 2022-03-24 - Introduced, Referred to Assembly Commerce and Economic Development Committee [A3704 Detail]
Download: New_Jersey-2022-A3704-Introduced.html
Sponsored by:
Assemblyman HAROLD "HAL" J. WIRTHS
District 24 (Morris, Sussex and Warren)
SYNOPSIS
"Gas Price and Inflation Tax Credit Act."
CURRENT VERSION OF TEXT
As introduced.
An Act allowing a gross income tax credit for Tax Year 2021.
Be It Enacted by the Senate and General Assembly of the State of New Jersey:
1. a. For Tax Year 2021, taxpayers who are married individuals filing a joint return and an individual filing as a head of household or as a surviving spouse with gross income of $250,000 or less 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 the amount of $500, and taxpayers who are married individuals filing separately or individuals filing as a single taxpayer with gross income of $125,000 or less 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 the amount of $250.
b. The amount of the credit allowed pursuant to this section shall be applied against the tax otherwise due under N.J.S.54A:1-1 et seq., after all other credits and payments. If the credit exceeds the amount of tax otherwise due, that amount of excess shall be an overpayment for the purposes of N.J.S.54A:9-7; provided however, that subsection (f) of N.J.S.54A:9-7 shall not apply.
c. If a taxpayer has already filed their Tax Year 2021 gross income tax return, the Director of the Division of Taxation shall credit the amount owed to the taxpayer pursuant to this section based on the taxpayer's filing status.
2. This act shall take effect immediately.
STATEMENT
This bill allows a tax credit against the gross income tax for Tax Year 2021 to help offset soaring gas prices and inflation.
The credit amount is $500 for married individuals filing a joint return and an individual filing as a head of household or as a surviving spouse with income of $250,000 or less, and $250 for individuals who are single or married and filing separately with income of $125,000 or less. The credit is refundable, meaning that any excess credit beyond the taxpayer's tax liability will be paid to the taxpayer in the form of a tax refund.
