Modifies eligibility for alternative business calculation adjustment allowed under gross income tax.
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed General Assembly
- Passed Senate
- To Governor
- Became Law
Overview
This bill modifies the alternative business calculation adjustment, a deduction available to New Jersey taxpayers, under the gross income tax. It limits the eligibility for this deduction based on a taxpayer’s gross income, phasing out the full deduction for those earning over $500,000. Specifically, taxpayers with gross incomes between $500,000 and $1 million will receive a reduced deduction of 25%, while those earning over $1 million will not be eligible for the deduction at all. The bill is intended to align with the Governor’s budget recommendations and is projected to increase state revenue.
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Sponsors
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2 on record
Primary sponsors
Nicholas Scutari
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