A 3191
Consolidates all categories of gross income for cross-claiming of net losses and allows 20 year loss carryforward under New Jersey gross income tax; repeals alternate business income calculation.
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Sign in to take action- Introduced
- Passed General Assembly
- Passed Senate
- To Governor
- Became Law
Bill overview
This bill changes how New Jersey calculates income tax by consolidating all income categories into one. It allows taxpayers to use losses from one income category to offset gains from another, and it allows for a 20-year carryforward of unused net losses. The bill also repeals a recent change that limited cross-netting of gains and losses to just four categories of business income.
Sponsors
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Primary sponsor
Jay Webber
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