Provides gross income tax exclusion for distributions from individual retirement accounts to qualified charitable organizations.
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed Senate
- Passed General Assembly
- To Governor
- Became Law
Overview
This bill proposes to allow New Jersey taxpayers to exclude distributions from Roth and traditional Individual Retirement Accounts (IRAs) when donated to qualified charitable organizations. It amends state tax law to specifically include these distributions as an exclusion from gross income. This would provide a tax benefit to individuals who choose to donate from their retirement accounts to charities.
Bill text
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Document of record
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Sponsors
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2 on record
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