New Jersey Senate Bill S927

New Jersey 2024-2025 Regular Session

• Introduced: 1/9/24
• Refer: 1/9/24

Caption

Allows certain volunteer firefighters, rescue and first aid squad members to claim $5,000 income tax deduction.

Impact

The passage of S927 is expected to have a positive impact on the recruitment and retention of volunteer emergency service personnel in New Jersey. By providing a tax deduction, the bill not only recognizes the efforts of these individuals but also addresses financial barriers that may deter potential volunteers. Communities could see improved response times and better overall emergency services as more individuals are encouraged to join and remain active in these vital organizations.

Summary

Senate Bill S927 aims to provide financial relief to volunteer firefighters and members of first aid or rescue squads by allowing them to claim a $5,000 income tax deduction. This bill acknowledges the commitment these volunteers make to their communities and is designed to incentivize continued participation in essential emergency services. To qualify for the deduction, volunteers must meet specific criteria related to their service hours and training certifications, ensuring that the benefits are granted to those who actively engage with their responsibilities throughout the tax year.

Contention

Some points of contention surrounding S927 may include debates regarding the financial implications for the state's budget, as providing these tax deductions could reduce overall revenue. Additionally, there may be concerns about the input and verification processes for qualifying volunteers, including how lists are maintained and reported by fire departments and rescue squads. Ensuring the integrity of the claim process is critical to prevent abuse of the system, with penalties for false reporting highlighted within the bill.