This bill mandates the establishment of a Statewide gun buyback program by the Attorney General of New Jersey, aimed at reducing gun violence by allowing citizens to voluntarily and anonymously surrender firearms and weapons in exchange for rewards determined by the Attorney General. The program will consist of at least three buyback events each year, strategically located in the northern, central, and southern regions of the state, with at least one event taking place in an urban area identified as having a high crime rate. The Attorney General is also directed to collaborate with local law enforcement and community organizations to facilitate these events.

Additionally, the bill introduces tax incentives for private donations made to the gun buyback program, allowing taxpayers to receive a credit equal to 25% of the fair market value of their contributions, capped at a total of $2 million in credits per calendar year. These tax credits will be applicable to both the corporation business tax and the New Jersey Gross Income Tax, contingent upon approval from the Director of the Division of Taxation and the Attorney General. The provisions for the gun buyback program will take effect seven months after the bill's enactment, while the tax credits will apply to taxable periods beginning on or after January 1 of the year following enactment.