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NJ S4098
Bill
Status
2/3/2025
Primary Sponsor
Carmen Amato
Click for details
AI Summary
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Excludes all New Jersey Lottery winnings from state gross income tax, regardless of amount
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Eliminates the current $10,000 threshold above which lottery winnings are taxable
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Removes the requirement for the New Jersey State Lottery to withhold state income tax from prize winnings
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Applies to taxable years beginning on or after January 1 following enactment
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Current law requires gross income tax on lottery prizes exceeding $10,000, with the Division of Taxation director setting the withholding rate
Legislative Description
Excludes all New Jersey Lottery winnings from gross income tax and eliminates related withholding requirements.
Economic Growth
Last Action
Introduced in the Senate, Referred to Senate Economic Growth Committee
2/3/2025