reglab/housing_qa huggingface dataset:
NJ Rev Stat § 54:8A-39 (2021)
2021 New Jersey Revised Statutes|Title 54 - Taxation|Section 54:8A-39 - Net capital gain or loss; computation; deductions

54:8A-39. Net capital gain or loss; computation; deductions  (a) The net capital gain or loss of a taxpayer shall be computed by totaling the gains from sales or other dispositions during the taxable year of capital assets having an actual situs within the source state and subtracting therefrom the losses from sales or other dispositions of capital assets having an actual situs in the source state. (b)(1) In any taxable year in which a taxpayer has a net capital loss such loss shall be allowed as a deduction from gross income only to the extent of $1,000.00 or the taxpayer's net income whichever is lower; provided, however, that with respect to taxable years beginning after 1978 a loss shall be allowed as a deduction from gross income only to the extent of $3,000.00 or the taxpayer's net income, whichever is lower. (2) Subject to the limitation of paragraph (1) hereof, if for any taxable year the taxpayer has a net capital loss, the amount thereof shall be treated as a capital loss and deductible from gross income in each of the succeeding taxable years to the extent that such amount exceeds the total of any net capital gains of any taxable years intervening between the taxable year in which the net capital loss arose and such succeeding taxable year. For purposes of this section, a net capital gain shall be computed without regard to such net capital loss or to any net capital losses arising in any such intervening taxable years. (c) In any taxable year in which net capital gain exceeds the net capital loss, 40% of the amount of excess shall be a deduction from gross income; provided, however, that in any taxable year commencing on and after January 1, 1982 in which net capital gain exceeds the net capital loss, 60% of the amount of such excess shall be a deduction from gross income. L.1961, c. 32, p. 145, s. 39, eff. May 29, 1961. Amended by L.1961, c. 129, p. 787, s. 24; L.1962, c. 70, s. 7; L.1964, c. 279, s. 4; L.1972, c. 12, s. 6; L.1979, c. 437, s. 3, eff. Feb. 14, 1980; L.1981, c. 374, s. 4, eff. Dec. 30, 1981.
NJ Rev Stat § 54:8A-40 (2021)
2021 New Jersey Revised Statutes|Title 54 - Taxation|Section 54:8A-40 - Items not deductible

54:8A-40. Items not deductible  In computing net income and net capital gain no deduction shall in any case be allowed in respect of: a. Personal, living, or family expenses. b. Any amount paid out for new buildings or for permanent improvements or betterments made to increase the value of any property or estate. c. Any amount expended in restoring property or in making good the exhaustion thereof for which an allowance is or has been made. d. Any amount otherwise allowable as a deduction which is allocable to income not required to be included in gross income for the purposes of this act, unless allowed by regulation, which shall also provide for the apportionment or allocation of such deductions as between income which would be required to be included in gross income under this act and income which would not be required to be so included. L.1961, c. 32, p. 145, s. 40, eff. May 29, 1961. Amended by L.1961, c. 129, p. 788, s. 25.
NJ Rev Stat § 54:8A-41 (2021)
2021 New Jersey Revised Statutes|Title 54 - Taxation|Section 54:8A-41 - "Capital assets" defined

54:8A-41. "Capital assets" defined  The words "capital assets" mean property held by the taxpayer (whether or not connected with his trade or business), but do not include stock in trade of the taxpayer or other property of a kind which would properly be included in the inventory of the taxpayer if on hand at the close of the taxable year, or property held by the taxpayer primarily for sale to customers in the ordinary course of his trade or business, or land used in the trade or business, or property used in the trade or business of a character which is subject to an allowance for depreciation. L.1961, c. 32, p. 146, s. 41, eff. May 29, 1941.
NJ Rev Stat § 54:8A-42 (2021)
2021 New Jersey Revised Statutes|Title 54 - Taxation|Section 54:8A-42 - Basis of property; gain or loss from sale or other disposition of property

54:8A-42. Basis of property; gain or loss from sale or other disposition of property  (a) The basis of property, except as otherwise provided in this act, shall be the cost of such property. (1) If the property should have been included in the last inventory, the basis shall be the last inventory value thereof. (2) The basis of property in the hands of a person acquiring the property from a decedent other than by purchase or to whom the property passed from a decedent shall, if not sold, exchanged, or otherwise disposed of before the decedent's death by such person, be the fair market value of the property at the date of the decedent's death. (3) If the property was acquired by gift the basis shall be the same as it would be in the hands of the donor or the last preceding owner by whom it was not acquired by gift, except that if such basis is greater than the fair market value of the property at the time of the gift, then for the purpose of determining loss the basis shall be such fair market value. (4) If the basis of property cannot otherwise be established, the basis of such property shall be the fair market value at the time of acquisition. (b) The gain from the sale or other disposition of property shall be the excess of the amount realized over the basis of such property and the loss shall be the excess of the basis of such property over the amount realized. L.1961, c. 32, p. 146, s. 42, eff. May 29, 1961. Amended by L.1961, c. 129, p. 788, s. 26, eff. Dec. 22, 1961.
NJ Rev Stat § 54:8A-43 (2021)
2021 New Jersey Revised Statutes|Title 54 - Taxation|Section 54:8A-43 - Agreements with taxpayer relating to liability

54:8A-43. Agreements with taxpayer relating to liability  The Division of Taxation is authorized to enter into a written agreement with any taxpayer relating to the liability of such taxpayer in respect of any tax, fee, penalty or interest heretofore or hereafter imposed by this act, if it is found that such agreement is in the best interests of the State, which agreement shall be final and conclusive, and except upon a showing of fraud, malfeasance, or misrepresentation of a material fact: (a) the case shall not be reopened as to the matters agreed upon or the agreement modified, by any officer, employee, or agent of this State, and (b) in any suit, action, or proceeding, such agreement, or any determination, assessment, collection, payment, cancellation, refund or credit made in accordance therewith, shall not be annulled, modified, set aside or disregarded. L.1961, c. 32, p. 146, s. 43, eff. May 29, 1961. Amended by L.1961, c. 129, p. 789, s. 27.
NJ Rev Stat § 54:8A-46 (2021)
2021 New Jersey Revised Statutes|Title 54 - Taxation|Section 54:8A-46 - Actions for collection of tax

54:8A-46. Actions for collection of tax  (a) At the request of the Division of Taxation, the Attorney General may bring suit, in the name of this State, in the appropriate court of any other State to collect any tax legally due this State under this act. (b) The courts of this State shall recognize and enforce liabilities for taxes lawfully imposed by any other State, upon incomes, which extends a like comity to this State, and the duly authorized officer of any such State may sue for the collection of such a tax in the courts of this State. A certificate by the Secretary of State of such other State that an officer suing for the collection of such a tax is duly authorized to collect the same shall be conclusive proof of such authority. (c) For the purposes of this section, the words "tax" and "taxes" shall include interest and penalties due under this act, and liability for such interest or penalties or both, due under a taxing statute of another State shall be recognized and enforced by the courts of this State to the same extent that the laws of such other State permit the enforcement in its courts of liability for such interest or penalties or both, due under this act. L.1961, c. 32, p. 149, s. 46, eff. May 29, 1961. Amended by L.1961, c. 129, p. 792, s. 30; L.1962, c. 70, s. 9.
NJ Rev Stat § 54:8A-47 (2021)
2021 New Jersey Revised Statutes|Title 54 - Taxation|Section 54:8A-47 - Payment of tax; signing of documents; certification of statements

54:8A-47. Payment of tax; signing of documents; certification of statements  (a) A person required to make and file a return under this act shall, without assessment, notice or demand, pay any tax due thereon to the Division of Taxation on or before the date fixed for filing such return (determined without regard to any extension of time for filing the return). The Division of Taxation shall prescribe by regulation the place for filing any return, declaration, statement, or other document required pursuant to this act and for payment of any tax. (b) Any return, declaration, statement or other document required to be made pursuant to this act shall be signed in accordance with regulations or instructions prescribed by the Division of Taxation. The fact that an individual's name is signed to a return, declaration, statement, or other document, shall be prima facie evidence for all purposes that the return, declaration, statement or other document was actually signed by him. (c) The making or filing of any return, declaration, statement or other document or copy thereof required to be made or filed pursuant to this act, including a copy of a Federal return, shall constitute a certification by the person making or filing such return, declaration, statement or other document or copy thereof that the statements contained therein are true and that any copy filed is a true copy. L.1961, c. 32, p. 150, s. 47, eff. May 29, 1961. Amended by L.1961, c. 129, p. 792, s. 31.
NJ Rev Stat § 54:8A-48 (2021)
2021 New Jersey Revised Statutes|Title 54 - Taxation|Section 54:8A-48 - Taxable year; method of accounting

54:8A-48. Taxable year; method of accounting  (a) A taxpayer's taxable year under this act shall be the same as his taxable year for Federal income tax purposes. (b) If a taxpayer's taxable year is changed for Federal income tax purposes, his taxable year for purposes of this act shall be similarly changed. If a taxable year of less than 12 months results from a change of taxable year, the standard deduction and the exemptions shall be prorated under regulations of the Division of Taxation. (c) A taxpayer's method of accounting under this act shall be the same as his method of accounting for Federal income tax purposes. Net income shall be computed under such method as shall be prescribed by the Division of Taxation to reflect income. (d)(1) If a taxpayer's method of accounting is changed for Federal income tax purposes, his method of accounting for purposes of this act shall be similarly changed. (2) If a taxpayer's method of accounting is changed, other than from an accrual to an installment method, any additional tax which results from adjustments determined to be necessary solely by reason of the change shall not be greater than if such adjustments were ratably allocated and included for the taxable year of the change and the preceding taxable years, not in excess of 2, during which the taxpayer used the method of accounting from which the change is made. (3) If a taxpayer's method of accounting is changed from an accrual to an installment method, any additional tax for the year of such change of method and for any subsequent year which is attributable to the receipt of installment payments properly accrued in a prior year, shall be reduced by the portion of tax for any prior taxable year attributable to the accrual of such installment payments, in accordance with regulations of the Division of Taxation. L.1961, c. 32, p. 151, s. 48, eff. May 29, 1961. Amended by L.1961, c. 129, p. 793, s. 32; L.1972, c. 12, s. 8.
NJ Rev Stat § 54:8A-49 (2021)
2021 New Jersey Revised Statutes|Title 54 - Taxation|Section 54:8A-49 - Withholding return

54:8A-49. Withholding return  (a) Every employer required to deduct and withhold tax under this act shall, for each calendar quarter, on or before the last day of the month following the close of such calendar quarter, file a withholding return as prescribed by the Division of Taxation and pay over to the Division of Taxation the taxes so required to be deducted and withheld; but the Division of Taxation may, by regulation, provide that every such employer shall on or before the fifteenth day of each month pay over to the Division of Taxation, or a depositary designated by the Division of Taxation, the taxes so required to be deducted and withheld if such taxes aggregate $100.00 or more for the preceding calendar month. Where the aggregate amount so deducted and withheld by any employer is less than $25.00 in a calendar quarter and the aggregate for the calendar year can reasonably be expected to be less than $100.00, the Division of Taxation may by regulation permit an employer to file an annual return. The Division of Taxation may, if it believes such action necessary for the protection of the revenues, require any employer to make such return and pay to it the tax deducted and withheld at any time, or from time to time. (b) Whenever any employer fails to collect, truthfully account for, pay over the tax, or make returns of the tax as required in this section, the Division of Taxation may serve a notice requiring such employer to collect the taxes which become collectible after service of such notice, to deposit such taxes in a bank approved by the Division of Taxation in a separate account, in trust for and payable to the Division of Taxation and to keep the amount of such tax in such account until payment over to the Division of Taxation. Such notice shall remain in effect until a notice of cancellation is served by the Division of Taxation. L.1961, c. 32, p. 151, s. 49, eff. May 29, 1961. Amended by L.1961, c. 129, p. 794, s. 33.
NJ Rev Stat § 54:8A-50 (2021)
2021 New Jersey Revised Statutes|Title 54 - Taxation|Section 54:8A-50 - Liability of employer required to withhold tax; special fund; right of action against employer

54:8A-50. Liability of employer required to withhold tax; special fund; right of action against employer  Every employer required to deduct and withhold tax under this act is hereby made liable for such tax. For such purposes any amount required to be withheld and paid over to the Division of Taxation shall be considered the tax of the employer. Any amount of tax actually deducted and withheld under this act shall be held to be a special fund in trust for the Division of Taxation. No employee shall have any right of action against his employer in respect to any moneys deducted and withheld from his wages and paid over to the Division of Taxation in compliance or in intended compliance with this act. L.1961, c. 32, p. 152, s. 50, eff. May 29, 1961. Amended by L.1961, c. 129, p. 795, s. 34.
NJ Rev Stat § 54:8A-51 (2021)
2021 New Jersey Revised Statutes|Title 54 - Taxation|Section 54:8A-51 - Failure of employer to deduct and withhold tax or to pay tax withheld

54:8A-51. Failure of employer to deduct and withhold tax or to pay tax withheld  (a) If an employer fails to deduct and withhold tax as required, and thereafter the tax against which such tax may be credited is paid, the tax so required to be deducted and withheld shall not be collected from the employer, but the employer shall not be relieved from liability for any penalties, interest, or additions to the tax otherwise applicable in respect of such failure to deduct and withhold. (b) If any employer shall fail to make a return and pay a tax withheld by him at the time required by or under the provisions of this act, such employer shall be liable for such tax and shall pay the same together with all penalties and interest charges thereon as provided in the case of any taxpayer under section 53 of this act, and such additional amount of penalties and interest shall in no case be charged to or collected from the taxpayer by said employer. The Division of Taxation shall have the same rights and powers for the collection of such tax, penalties and interest against such employer as are now prescribed by this act for the collection of a tax against a taxpayer. L.1961, c. 32, p. 152, s. 51, eff. May 29, 1961. Amended by L.1961, c. 129, p. 795, s. 35; L.1962, c. 70, s. 10.
NJ Rev Stat § 54:8A-52 (2021)
2021 New Jersey Revised Statutes|Title 54 - Taxation|Section 54:8A-52 - Reciprocity credit; relief from withholding

54:8A-52. Reciprocity credit; relief from withholding  If it shall appear to the satisfaction of the division, based upon an opinion of the Attorney General of this State, that any person whose wages, salaries or commissions are subject to deduction and withholding are liable for tax upon the same income under the law of the State of which he is a resident, under circumstances such as will entitle him to a reciprocity credit under this act sufficient to offset all taxes imposed hereunder, and that such State makes payment to the division of amounts deducted and withheld on account of earnings and gains derived by residents of this State from sources within such State and subject to tax under this act, the division may, by regulation, relieve residents of such State from being required to make any return under this act, and, upon the filing of such proofs as the regulations may require, relieve the employer of such taxpayers from the requirement to deduct and withhold any amount otherwise required by this act, for such period as the conditions herein stated continue to be satisfied; but the division may, notwithstanding the existence of such conditions, continue to require the making of such returns and the deduction and withholding of such amounts whenever it determines such action is appropriate or reasonably required to insure compliance with this act or whenever an appropriate official of such other State certifies that such State desires that such deduction and withholding be continued. The division may consider amounts withheld under the provisions of this act as withheld for the benefit of the State of which such persons are resident but such amounts shall not be paid over to such State unless such State has complied with the provisions of this act and is thereby entitled to such amounts. Any amounts withheld, however, may be expended for any of the purposes specified in section 20 of this act. L.1961, c. 32, p. 152, s. 52, eff. May 29, 1961. Amended by L.1961, c. 129, p. 796, s. 36.
NJ Rev Stat § 54:8A-53 (2021)
2021 New Jersey Revised Statutes|Title 54 - Taxation|Section 54:8A-53 - Delinquent return or taxes; penalties; interest; abatement or remission

54:8A-53. Delinquent return or taxes; penalties; interest; abatement or remission  Any taxpayer who shall fail to file his return when due or to pay any tax when the same becomes due, as herein provided, shall be subject to such penalties and interest as provided in the State Tax Uniform Procedure Law, subtitle 9 of Title 54 of the Revised Statutes. If the Division of Taxation determines that the failure to comply with any provision of this act was excusable under the circumstances, it may abate or remit such part or all of the penalty as shall be appropriate under such circumstances. With respect to taxes paid not later than October 1, 1962, the Division of Taxation may also abate or remit such part or all of the interest as shall be appropriate under such circumstances. L.1961, c. 32, p. 153, s. 53, eff. May 29, 1961. Amended by L.1961, c. 129, p. 797, s. 37; L.1962, c. 70, s. 11; L.1975, c. 177, s. 7, eff. Aug. 4, 1975.
NJ Rev Stat § 54:8A-54 (2021)
2021 New Jersey Revised Statutes|Title 54 - Taxation|Section 54:8A-54 - Applicability of State Tax Uniform Procedure Law

54:8A-54. Applicability of State Tax Uniform Procedure Law  The taxes imposed by this act shall be governed in all respects by the provisions of the State Tax Uniform Procedure Law, R.S. 54:48-1 et seq., except only to the extent that a specific provision of this act may be in conflict therewith. L.1961, c. 32, p. 153, s. 54, eff. May 29, 1961. Amended by L.1983, c. 36, s. 21, eff. Jan. 26, 1983.
NJ Rev Stat § 54:8A-56 (2021)
2021 New Jersey Revised Statutes|Title 54 - Taxation|Section 54:8A-56 - Exercise of powers and duties of Division of Taxation by director

54:8A-56. Exercise of powers and duties of Division of Taxation by director  All the powers, duties and responsibilities vested in the Division of Taxation by this act shall be exercised by the director thereof or his duly designated representative. L.1961, c. 32, p. 155, s. 56, eff. May 29, 1961. Amended by L.1961, c. 129, p. 797, s. 38, eff. Dec. 22, 1961.
NJ Rev Stat § 54:8A-57 (2021)
2021 New Jersey Revised Statutes|Title 54 - Taxation|Section 54:8A-57 - Effective date; suspension of tax; cessation

54:8A-57. Effective date; suspension of tax; cessation  This act shall take effect immediately, but the tax imposed hereby, and the obligation to pay the same as well as the obligation to deduct and withhold shall be suspended and inoperative in the event that any of the moneys in the Transportation Fund shall be applied to a purpose or purposes other than one set forth in this act, from the date when such application is made until the amounts to be refunded to taxpayers as a result thereof have been allowed and paid; and the tax hereby imposed shall cease to be imposed, assessed and collected after the assessment thereof for any taxable year ending December 31, 1990, and for any part of a taxable year beginning during the year 1990 and ending December 31, 1990. L.1961, c. 32, p. 155, s. 57, approved May 29, 1961. Amended by L.1969, c. 36, s. 1, eff. May 9, 1969; L.1980, c. 89, s. 1, eff. Aug. 21, 1980.
NJ Rev Stat § 54:8A-58 (2021)
2021 New Jersey Revised Statutes|Title 54 - Taxation|Section 54:8A-58 - Short title

54:8A-58. Short title  This act shall be known and referred to by its short title, the "Transportation Benefits Tax Act." L.1971, c. 222, s. 1, approved June 17, 1971.
NJ Rev Stat § 54:8A-59 (2021)
2021 New Jersey Revised Statutes|Title 54 - Taxation|Section 54:8A-59 - Imposition of tax; levy; collection; payment

54:8A-59. Imposition of tax; levy; collection; payment  A temporary tax is hereby imposed, and shall be levied, collected and paid annually, at the rate specified in this act, (a) upon every resident of this State, who is not a resident of another critical area state under and pursuant to its laws, upon and with respect to the classes of income as defined in this act and subject to taxation under this act, for the taxable year, derived from sources within a critical area state other than New Jersey; and (b) upon and with respect to the classes of income as defined in this act and subject to taxation under this act, for the taxable year, derived from sources within this State by natural persons who are not residents of this State and who are residents of another critical area state under and pursuant to the law of such state. L.1971, c. 222, s. 2, approved June 17, 1971. Amended by L.1971, c. 354, s. 1; expired December 31, 1980 pursuant to L.1971,c.222,s.62.
NJ Rev Stat § 54:8A-60 (2021)
2021 New Jersey Revised Statutes|Title 54 - Taxation|Section 54:8A-60 - Rate of tax

54:8A-60. Rate of tax  The tax imposed by this act shall be levied and imposed annually upon each taxpayer at the rate of 2.0% upon each of the classes of income hereinafter enumerated in section 16 (C. 54:8A-73). L.1971, c. 222, s. 3, approved June 17, 1971. Amended by L.1971, c. 354, s. 2; L.1974, c. 185, s. 1, eff. Dec. 24, 1974; expired December 31, 1980 pursuant to L.1971,c.222,s.62.