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 Senate
- Passed General Assembly
- To Governor
- Became Law
Overview
This bill modifies the alternative business calculation adjustment, a tax deduction available to some New Jersey taxpayers, to limit its availability. It reduces the deduction amount for taxpayers with high incomes – specifically phasing it out for those earning over $500,000, with a reduced deduction for those between $500,000 and $1 million. The bill aims to align with the Governor’s budget recommendations and is expected to increase state revenue. It maintains the deduction for taxpayers with gross incomes of $500,000 or less.
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Sponsors
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1 on record
Primary sponsor
Nicholas Scutari
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