ASSEMBLY, No. 4443

STATE OF NEW JERSEY

221st LEGISLATURE

 

INTRODUCED MAY 20, 2024

 


 

Sponsored by:

Assemblywoman  VERLINA REYNOLDS-JACKSON

District 15 (Hunterdon and Mercer)

Assemblyman  BENJIE E. WIMBERLY

District 35 (Bergen and Passaic)

 

 

 

 

SYNOPSIS

     Provides for voluntary contributions by taxpayers on gross income tax returns to State aid for public schools.

 

CURRENT VERSION OF TEXT

     As introduced.

  


An Act concerning voluntary contributions through New Jersey gross income tax returns for State aid for public schools 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.  There is established in the Department of the Treasury a special fund to be known as the “School Aid Contribution Fund.”

     b.    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 gross income tax refund or an enclosed contribution be deposited in the “School Aid Contribution Fund” for the purpose of funding State school aid above what is appropriated by the Legislature pursuant to P.L.2007, c.260 (C.18A:7F-43 et al.).

     c.     Any costs incurred by the Division of Taxation for collection or administration attributable to the “School Aid Contribution Fund” may be deducted from receipts collected pursuant to this section, as determined by the Director of the Division of Budget and Accounting. The State shall deposit net contributions collected pursuant to this section into the “School Aid Contribution Fund.”

     d.    The Legislature shall annually appropriate all funds deposited in the “School Aid Contribution Fund” established pursuant to subsection a. of this section to the Department of Education which shall annually distribute the monies received from the “School Aid Contribution Fund” to school districts pursuant to the “School Funding Reform Act of 2008,” P.L.2007, c.260 (C.18A:7F-43 et al.). Any monies appropriated from the fund to the department shall not be used to supplant the amount of State funds appropriated for State school aid in the prior fiscal year.

 

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

 

 

STATEMENT

 

     This bill allows taxpayers to contribute a portion of their New Jersey gross income tax refund towards State aid for public schools.

     Taxpayers may indicate on their gross income tax return that a portion of their tax refund be deposited into the “School Aid Contribution Fund.” The Legislature will use the funds collected to supplement State school aid in addition to, and not in place of, the annual appropriation for State school aid. Any funds collected may not be used to supplant the amount of State funds appropriated to State school aid from the prior fiscal year.