New Jersey § 54a:5-1
Full text of New Jersey New Jersey Statutes § 54a:5-1, with citation guidance and answers to common questions.
§ 54a:5-1.
a. For taxable years beginning on or after January 1, 2004, notwithstanding the provisions
of N.J.S.54A:5-1 , if any, or any other law to the contrary, for the purposes of determining the amount
of a category of income pursuant to N.J.S.54A:5-1 that is net of expenses: (1) notwithstanding the provisions of subsection (k) of section 168 of the federal Internal Revenue Code of 1986 , 26 U.S.C. s.168, subsection (b) of section 1400L of the federal Internal Revenue Code of 1986, 26 U.S.C. s.1400L , or any other federal law, for property placed in service on or after January 1,
2004, the depreciation deduction otherwise allowed pursuant to section 167 of the federal Internal Revenue Code of 1986 , 26 U.S.C. s.167 , shall be determined pursuant to the provisions of the federal Internal Revenue Code
of 1986 ( 26 U.S.C. s.1 et seq. ) in effect on December 31, 2001; and (2) notwithstanding the provisions of section 179 of the federal Internal Revenue Code of 1986 , 26 U.S.C. s.179 , for property placed in service on or after January 1, 2004, the costs that a taxpayer
may otherwise elect to treat as an expense which is not chargeable to a capital account
shall be determined pursuant to the provisions of the federal Internal Revenue Code
of 1986 ( 26 U.S.C. s.1 et seq. ) in effect on December 31, 2002. b. The director shall prescribe the rules and regulations necessary to carry out the
provisions of this section, including, among others, those for determining the adjusted
basis of the acquired property for the purposes of the “New Jersey Gross Income Tax
Act,” N.J.S.54A:1-1 et seq.
Frequently Asked Questions About New Jersey § 54a:5-1
What does New Jersey Statutes § 54a:5-1 cover?
Section 54a:5-1 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:5-1?
A common citation format is "New Jersey Statutes § 54a:5-1" (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:5-1 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.