Allows gross income tax deductions for membership fees, dam project assessments, and potable water system assessments paid to lake associations.
Provides gross income tax deductions for individuals who pay membership fees, dam project assessments, or potable water system assessments to lake associations in New Jersey. A lake association is defined as an organization of property owners within a fixed or defined geographical area in New Jersey with rights to utilize lakefront properties not open to the general public. The bill is effective immediately and applies to all taxable years beginning on or after January 1 next following enactment.
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- Core Provisions
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- Legal Framework
- Critical Issues
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