S.1559

New Jersey S1559 allows a gross income tax deduction for state fuel taxes paid on personal motor fuel purchases.

New Jersey S1559 provides a deduction for New Jersey gross income tax on state fuel taxes paid through personal motor fuel purchases. The deduction is available to all taxpayers, regardless of income level or filing status, and is capped at $1,000 for the 2021 taxable year and $2,000 for each subsequent year. The deduction cannot exceed the amount of taxes paid and is not available if the amount is reimbursed by an employer or deductible under other tax provisions. The act applies to purchases made on and after January 1, 2021.