NJ A197

Allows a New Jersey gross income tax deduction equal to the capital gain realized when a taxpayer sells a real property interest to a qualified conservation organization

Applies to both full market value sales and "bargain sales" (transactions where the seller receives less than fair market value, with the difference treated as a charitable donation)

For bargain sales, taxpayers may claim both the sale deduction under this bill and a separate deduction for the charitable contribution portion of the same transaction

Qualified organizations include government units, charitable trusts, and nonprofits participating in Green Acres, Blue Acres, farmland preservation, historic preservation, Highlands Transfer Development Rights Program, and wildlife/fishing conservation programs

Takes effect immediately and applies to taxable years beginning after the date of enactment