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New Legislation 2017

“Property Tax Assessment Concerning Depreciation”

P.L. 2017, Chapter 228 – This law amends P.L.1945, Chapter 260 concerning the assessment of buildings or structures following material depreciation.

“CBT Funds for Municipal Farmland Preservation Grants”

P.L. 2017, Chapter 226 – This law appropriates $7,500,000 from constitutionally dedicated Corporation Business Tax (CBT) revenues to the State Agriculture Development Committee for planning incentive grants to municipalities for farmland preservation purposes.

“CBT Funds for Farmland Preservation Grants”

P.L. 2017, Chapter 225 – This law appropriates $32,500,000 from constitutionally dedicated Corporation Business Tax (CBT) revenues to the State Agriculture Development Committee for planning incentive grants to counties for farmland preservation purposes.

“Garden State Create Zones”

P.L. 2017, Chapter 221 – This law provides increased tax credit amounts under Grow New Jersey Assistance Program for certain businesses that have collaborative research relationships with colleges or universities, which will be known as “Garden State Create Zones.”

“Senior and Disabled Homestead Overpayment Installment Plan”

P.L. 2017, Chapter 207 – This law allows installment payments for senior, individuals 65 or older, and disabled property taxpayers to repay overpayments of Homestead Credits and Homestead Property Tax reimbursements.

“NJ World War II Veterans' Memorial Fund”

P.L. 2017, Chapter 203 – This law, for taxable years beginning on January 1, 2018, allows each taxpayer the opportunity to indicate on the taxpayer’s New Jersey Gross Income Tax return that a portion of the taxpayer’s Gross Income Tax refund or an enclosed contribution be deposited in the “NJ World War II Veterans' Memorial Fund.”

“Jersey Fresh Program Fund”

P.L. 2017, Chapter 197 – This law establishes a special fund in the Department of the Treasury to be known as the "Jersey Fresh Program Fund." For taxable years beginning on January 1, 2018 each taxpayer will have the opportunity to indicate on the taxpayer's New Jersey Gross Income Tax return that a portion of the taxpayer's Gross Income Tax refund or an enclosed contribution be deposited in the “Jersey Fresh Program Fund.”

“NJ Memorials to War Veterans Maintenance Fund”

P.L. 2017, Chapter 190 – This law establishes a special fund in the Department of the Treasury to be known as the "NJ Memorials to War Veterans Maintenance Fund." For taxable years beginning on January 1, 2018 each taxpayer will have the opportunity to indicate on the taxpayer's New Jersey Gross Income Tax return that a portion of the taxpayer's Gross Income Tax refund or an enclosed contribution be deposited in the “NJ Memorials to War Veterans Maintenance Fund.”

“Gold Star Family Counseling Tax Credit”

P.L. 2017 Chapter 174 – This law establishes the Gold Star Family Counseling program in the Department of Military and Veteran Affairs (DMAVA). Under this legislation, a taxpayer who is a mental health care professional will be allowed a credit against the tax otherwise due for the taxable year under the New Jersey Gross Income Tax Act in an amount equal to the amount documented annually by the Department of Military and Veterans Affairs for the Gold Star Family Counseling Program. DMAVA will limit the cumulative hours which are authorized for the annual tax credit to a minimum of 20 hours and a maximum of 40 hours per year, per professional. The amount of the credit applied against the New Jersey Gross Income Tax cannot reduce a taxpayer’s New Jersey gross income tax liability to an amount less than zero.

“Authorizes the Unclaimed Property Administrator to treat a payment as a refund of tax in certain circumstances”

P.L. 2017 Chapter 159 – This law authorizes the Unclaimed Property Administrator to treat an unclaimed property payment as a refund of tax for the limited purpose of satisfying debts, if any, through the Setoff of Individual Liability (SOIL) program.

 “Boy Scouts of America Councils in New Jersey Fund.”

P.L. 2017, Chapter 158
– This law establishes a special fund in the Department of the Treasury to be known as the “Boys Scouts of America Councils Fund." For taxable years beginning on January 1, 2018, each taxpayer will have the opportunity to indicate on the taxpayer's New Jersey Gross Income Tax return that a portion of the taxpayer's Gross Income Tax refund or an enclosed contribution be deposited in the “Boys Scouts of America Councils Fund.”  Annually, the Legislature will evenly appropriate all moneys deposited into the designated funds of chartered local councils of the Boy Scouts of America in New Jersey to support programs and services. The Monmouth Council of the Boys Scouts of America will administer the distribution among the chartered local councils.

“Wounded Warrior Caregivers Relief Act”

P.L. 2017, Chapter 67 – This law, known as the “Wounded Warrior Caregivers Relief Act,” provides a refundable income tax credit to a qualified family caregiver of a qualified armed service member. For purposes of the Act, a qualified armed service member is an individual who has a physical disability arising out of service in the active US military or naval service in any war or conflict after September 11, 2001.

“Eligible investments under the ‘New Jersey Angel Investor Tax Credit Act.’ ”

P.L. 2017, Chapter 40 – This law permits holding companies of eligible New Jersey emerging technology companies to receive investments under the "New Jersey Angel Investor Tax Credit Act." A New Jersey emerging technology business holding company means any corporation, association, firm, partnership, trust, or other form of business organization, but not a natural person, which directly or indirectly, owns, has the power or right to control, or has the power to vote, a controlling share of the outstanding voting securities of a corporation or other form of a New Jersey emerging technology business. 

This legislation also permits shareholders of the S corporation to apply the Angel Investor Tax Credit, proportionately, against their individual tax liability otherwise due under the “New Jersey Gross Income Tax Act.  

 “Changes to Sales and Use Tax of Certain Limousine Services”

P.L. 2017, Chapter 27 This law amends certain provisions of the Sales and Use Tax Act to eliminate the tax charged on receipts from transportation services that originate in this State and are provided by a limousine operator on or after May 1, 2017.

“Autism Programs Fund Check Off”

P.L. 2017, Chapter 24 – This law establishes the “Autism Programs Fund” in the “Autism Medical Research and Treatment Fund” in the Department of the Treasury. The law provides for voluntary contributions to the Autism Programs Fund by taxpayers on Gross Income Tax returns or by enclosing a contribution with their return.

“Boldface Print Annual Assessment”

P.L. 2017, Chapter 16 – This law amends N.J.S.A. 54:4-38.1 to require that any notice of a change in assessment and the notice of annual assessment issued to a property owner must contain the deadline to file an appeal in boldface type.

  

Last Updated: Wednesday, 01/17/18



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