NJ S1042

Excludes distributions from traditional IRAs and Roth IRAs from New Jersey gross income tax when made directly to qualified charitable organizations

Defines "qualified charitable organization" as any entity with 501(c)(3) tax-exempt status from the IRS, including charitable, religious, scientific, literary, and educational organizations

Adds charitable distributions as a fifth category of qualified distributions from Roth IRAs, alongside existing exemptions for age 59½, death, disability, and first-time home purchases

Applies to taxable years beginning on or after January 1 of the year following enactment

Amends N.J.S.54A:5-1 and P.L.1998, c.57 governing New Jersey gross income definitions and IRA distribution exclusions