New Jersey § 54a:4-16
Full text of New Jersey New Jersey Statutes § 54a:4-16, with citation guidance and answers to common questions.
§ 54a:4-16.
a. For taxable years beginning on or after January 1, next following the effective
date of P.L.2017, c. 174 ( C.38A:3-51 et al.), a taxpayer shall be allowed a credit against the tax otherwise due for the
taxable year under the “New Jersey Gross Income Tax Act,” N.J.S.54A:1-1 et seq. , in an amount equal to the amount documented annually by the Department of Military
and Veterans’ Affairs for the Gold Star Family Counseling Program as established pursuant
to section 3 of P.L.2017, c. 174 ( C.38A:3-53 ). b. The order of priority of the application of the credit allowed pursuant to this
section and any other credits allowed against the New Jersey gross income tax due
pursuant to N.J.S.54A:1-1 et seq. for a taxable year shall be as prescribed by the director. The amount of the credit applied against the New Jersey gross income tax due pursuant
to N.J.S.54A:1-1 et seq. shall not reduce a taxpayer's New Jersey gross income tax liability to an amount
less than zero. c. A business entity that is classified as a partnership for federal income tax purposes
shall not be allowed a credit directly, but the amount of credit of a taxpayer in
respect of a distributive share of entity income, shall be determined by allocating
to the taxpayer that proportion of the credit acquired by the entity that is equal
to the taxpayer's share, whether or not distributed, of the total distributive income
or gain of the entity for its taxable year ending within or with the taxpayer's taxable
year. A New Jersey S Corporation shall not be allowed a credit directly under the gross
income tax, but the amount of credit of a taxpayer in respect of a pro rata share
of S Corporation income, shall be determined by allocating to the taxpayer that proportion
of the credit acquired by the New Jersey S Corporation that is equal to the taxpayer's
share, whether or not distributed, of the total pro rata share of S Corporation income
of the New Jersey S Corporation for its privilege period ending within or with the
taxpayer's taxable year.
Frequently Asked Questions About New Jersey § 54a:4-16
What does New Jersey Statutes § 54a:4-16 cover?
Section 54a:4-16 is part of the New Jersey Statutes, the codified statutory law of New Jersey. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite New Jersey § 54a:4-16?
A common citation format is "New Jersey Statutes § 54a:4-16" (New Jersey). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of New Jersey law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the New Jersey official source linked on this page or consult a licensed New Jersey attorney.
How does New Jersey § 54a:4-16 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in New Jersey can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in New Jersey.