NJ S3287

Creates a New Jersey gross income tax deduction equal to the capital gain realized from selling real property interests to qualified conservation organizations, applicable to both full market value sales and bargain sales

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

Allows taxpayers who complete bargain sales (below market value) to claim both this new deduction for the sale portion and the existing deduction for qualified conservation contributions on the charitable donation portion

Requires bargain sale taxpayers to allocate the property's cost basis proportionally between the gift element and sale element based on fair market value, consistent with federal tax rules

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