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 a reward, the specifics of which will be 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 funding for this initiative will come from forfeiture funds, private donations, and any other available resources, with the Attorney General encouraged to collaborate with local law enforcement and community organizations.

Additionally, the bill introduces tax incentives for individuals and corporations that contribute to the gun buyback program. Taxpayers can receive a credit equal to 25% of the fair market value of their qualified contributions, capped at a total of $2 million in credits per calendar year. These credits will apply 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 tax credits will take effect for taxable periods beginning on or after January 1 following the bill's enactment.