Eligibility for tax rebates

3. a. Beginning with taxable year 2020, and subject to appropriation by the Legislature, a qualified taxpayer shall be eligible for a tax rebate based on the requirements set forth in this section.

b. The rebate shall be the lesser of $500 or an amount equal to the amount of tax paid after credits for the taxable year pursuant to the "New Jersey Gross Income Tax Act," N.J.S.54A:1-1 et seq. In the case of a qualified taxpayer who is a part-year resident during the taxable year, the amount of the rebate shall be pro-rated, based upon the total number of months of the taxpayer's residency during the taxable year.

c. The director shall issue rebates to qualified taxpayers between July 1 and July 31 of the subsequent taxable year, provided however, in the case of a qualified taxpayer who is granted an extension of time for filing a return, the director may issue the rebate between July 1 and December 31 of the subsequent taxable year.

d. The director is authorized to issue rules and regulations as necessary to implement this section.

e. The director may recover rebates issued in error or as a result of misrepresentation in the same manner as a deficiency with respect to a payment of a State tax in accordance with the State Uniform Tax Procedure Law, R.S.54:48-1 et seq.

f. Any rebate issued pursuant to this section shall not be considered gross income for purposes of the New Jersey Gross Income Tax Act.

g. As used in this section:

"Qualified taxpayer" means an individual who has timely filed a resident return, is a resident of this State during the taxable year, and who had during the taxable year: