54A:9-24 - Repeal of Tax on Capital Gains and Other Unearned Income - New Jersey Statutes

54A:9-24.  Repeal of Tax on Capital Gains and Other Unearned Income.
    Chapter 172, Laws of 1975 (C. 54:8B-1 et seq.) is hereby repealed, effective  July 1, 1976, and shall be inoperative with respect to capital gains and other  unearned income subject to tax, under said act, paid or accrued on and after  said date.  Such repeal shall not affect the obligation, lien or duty to pay  any taxes, interest or penalties which have accrued or may accrue by virtue of  any assessment made or which may be made with respect to taxes levied for any  taxable year or part of a taxable year prior to July 1, 1976, nor shall this  act affect the legal authority to assess and collect the taxes which may be or  have been due and payable under said chapter 172, laws of 1975 as amended,  together with such interest and penalties as would have accrued thereon under  any provision of law amended or repealed hereby; nor shall this act invalidate  any assessments or affect any proceeding for the enforcement thereof.  In the event of such repeal, the adjusted gross income requirements and the personal  exemptions allowed shall be prorated according to the number of taxable months  required to be reported divided by 12.  The taxpayer may, at his option,  determine actual adjusted gross income for the period required to be reported.

     L.1976, c. 47, s. 54A:9-24, eff. July 8, 1976, operative Aug. 30, 1976.