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NJ S2095
Bill
Status
1/9/2024
Primary Sponsor
Holly Schepisi
Click for details
AI Summary
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Allows taxpayers to deduct moving expenses from gross income when relocating from outside New Jersey to within the state to begin work at a principal place of employment in New Jersey
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Deductible expenses include moving household goods and personal effects, travel and lodging (not meals) for household members, and storage costs incidental to the move
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Requires taxpayers to work full-time in New Jersey for at least 39 weeks during the 12 months following the move, or self-employed individuals must work full-time for at least 78 weeks during the 24 months following the move
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Work requirement is waived in cases of death, disability, involuntary separation (not for willful misconduct), or employer-initiated transfer
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Takes effect for taxable years beginning on or after January 1 following enactment
Legislative Description
Provides gross income tax deduction for certain moving expenses for taxpayer moving to New Jersey to commence work in State.
Economic Growth
Last Action
Introduced in the Senate, Referred to Senate Economic Growth Committee
1/9/2024