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 include at least three buyback events each year, distributed across 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, subject to a cumulative cap of $2 million in tax credits per calendar year. These credits will apply to both the corporation business tax and the New Jersey Gross Income Tax, and will be available for tax periods beginning on or after January 1 following the bill's enactment. The Attorney General and the Director of the Division of Taxation are authorized to implement necessary guidelines and regulations to ensure the program's effective operation.