44:10-92 - Moneys in, interest on account not considered gross income - New Jersey Statutes

44:10-92.  Moneys in, interest on account not considered gross income
7.  a.  Moneys deposited into or withdrawn from an individual development account by an account holder pursuant to subsection c. of section 5 of this act or matched by a community-based organization pursuant to paragraph (7) of subsection e. of section 5 of this act shall not be considered gross income otherwise includable as income pursuant to subsections a., b., k., and p. of N.J.S.54A:5-1.

b.Interest earned by an individual development account shall not be considered gross income otherwise includable as income pursuant to subsection e. of N.J.S.54A:5-1.

c.Moneys deposited in an individual development account and the interest from an individual development account under this act shall not be taken into account in determining eligibility or the amount of assistance under State and federal meansed programs pursuant to 42 U.S.C s.604(h) and 45 C.F.R. s.263.20.

L.2001,c.93,s.7.