NJ S1940

Creates a New Jersey gross income tax deduction for moving expenses incurred by taxpayers relocating from outside the state to New Jersey for work purposes.

Eligible moving expenses include reasonable costs for transporting household goods and personal effects, travel and lodging for household members (excluding meals), and storage costs incidental to the move.

Requires full-time employees to work at least 39 weeks during the 12 months following the move; self-employed individuals must work full-time for at least 78 weeks over 24 months (with at least 39 weeks in the first 12 months).

Waives the work requirement if the taxpayer cannot meet it due to death, disability, or involuntary separation (other than for willful misconduct) from employment.

Takes effect immediately and applies to taxable years beginning on or after January 1 following enactment.