Allows gross income taxpayers to claim deduction for certain losses for which federal theft loss deduction is allowed.
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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 allows New Jersey residents who experience losses due to theft for which a federal theft loss deduction is permitted to also claim a deduction on their state gross income taxes. Specifically, it mirrors the federal deduction amount, ensuring consistency in tax treatment. However, the deduction cannot be applied to any expenses or losses already accounted for in other tax calculations. The bill defines ‘theft’ using the same standard as the federal government.
Bill text
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Document of record
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Sponsors
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1 on record
Primary sponsor
Vincent Polistina
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