New Jersey S984 allows a deduction for the fair market value of donated vehicles to law enforcement agencies.
New Jersey S984 provides a gross income tax deduction for the fair market value of donated vehicles to State or local law enforcement agencies. The deduction applies to qualified vehicles, which include motor vehicles, boats, and airplanes, but exclude vehicles held primarily for sale. The law requires law enforcement agencies to provide written acknowledgment of the donation, including details such as the taxpayer's name, vehicle information, and appraised value if over $500.
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