Allows gross income tax deduction for certain losses for which federal theft loss deduction is allowed and authorizes penalty relief and installment payment agreements for certain victims of financial fraud.
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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 provides New Jersey taxpayers who have experienced financial fraud with a deduction for losses on their state income tax return, mirroring the federal theft loss deduction. It also offers potential relief from penalties and allows for payment plans if they are unable to pay the full amount owed. The bill aims to support individuals harmed by financial crimes and ease the financial burden associated with recovery.
Key provisions
- Allows a deduction for losses resulting from financial fraud.
- This deduction is equivalent to the federal theft loss deduction.
- Provides penalty relief for victims of financial fraud.
- Authorizes installment payment agreements for debts related to financial fraud losses.
Who is affected
- New Jersey taxpayers
- Victims of financial fraud
- Financial institutions
Notable changes
- Expands tax deduction options for fraud victims.
- Offers flexibility in debt repayment for those affected by fraud.
Bill text
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Sponsors
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1 on record
Primary sponsor
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