A 4864
Allows gross income taxpayers to claim deduction for certain losses for which federal theft loss deduction is allowed.
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Sign in to take action- Introduced
- Passed General Assembly
- Passed Senate
- To Governor
- Became Law
Bill overview
This bill allows New Jersey residents who experience losses due to theft for which they can claim a federal theft loss deduction to also deduct those losses on their state income tax returns. Specifically, it mirrors the federal deduction amount, but with a provision preventing the deduction from being applied to income already reduced by expenses or other deductions. The bill defines ‘theft’ using the same standard as the federal government.
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