Terms Used In New Jersey Statutes 54:8A-77

  • Bequest: Property gifted by will.
  • Contract: A legal written agreement that becomes binding when signed.
  • Devise: To gift property by will.
  • Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
  • Personal property: All property that is not real property.
  • Personal property: includes goods and chattels, rights and credits, moneys and effects, evidences of debt, choses in action and all written instruments by which any right to, interest in, or lien or encumbrance upon, property or any debt or financial obligation is created, acknowledged, evidenced, transferred, discharged or defeated, in whole or in part, and everything except real property as herein defined which may be the subject of ownership. See New Jersey Statutes 1:1-2
  • State: extends to and includes any State, territory or possession of the United States, the District of Columbia and the Canal Zone. See New Jersey Statutes 1:1-2
(a) Income from intangible personal property, including annuities, dividends, interest, and gains from the disposition of intangible personal property, shall constitute income derived from sources within the taxpayer’s source state only to the extent that such income is from property employed in a business, trade, profession, or occupation carried on in his source state.

(b) Compensation paid by the United States for service in the Armed Forces of the United States, performed by an individual during an induction period, shall not constitute income derived from sources within his source state.

(c) There shall be excluded from income all amounts received:

(1) as a pension or retirement allowance,

(2) under a life insurance contract payable by reason of death,

(3) under a workmen’s compensation act for personal injuries or sickness,

(4) through accident and health insurance for personal injuries or sickness except to the extent that such amounts are paid by or are attributable to contributions by the employer,

(5) by gift, bequest, devise or inheritance,

(6) as periodic payments for sickness and disability other than regular wages received during a period of sickness or disability.

(7) prizes received pursuant to the provisions of the State Lottery Law, P.L.1970, c. 13 shall be exempt from the tax imposed by this act.

(8) as payments commonly known as public assistance or unemployment compensation payments by any governmental agency; or

(9) as payments to reimburse actual expenses; or

(10) as payments made by employers or labor unions for programs covering hospitalization, sickness, disability or death, supplemental unemployment benefits, strike benefits, social security and retirement.

L.1971, c. 222, s. 20, approved June 17, 1971. Amended by L.1971, c. 354, s. 7; expired December 31, 1980 pursuant to L.1971,c.222,s.62.

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