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NJ S1042

Bill

Official Source

Status

Introduced

1/13/2026

Primary Sponsor

Jon Bramnick

Click for details

Origin

Senate

2026-2027 Regular Session

AI Summary

  • Excludes from New Jersey gross income tax distributions made from traditional IRAs directly to qualified charitable organizations
  • Adds distributions to qualified charities as a new category of tax-exempt qualified distributions from Roth IRAs
  • Defines qualified charitable organizations as those with 501(c)(3) tax-exempt status from the IRS, including religious, educational, and scientific organizations
  • 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

Legislative Description

Provides gross income tax exclusion for distributions from individual retirement accounts to qualified charitable organizations.

State Government, Wagering, Tourism & Historic Preservation

Last Action

Introduced in the Senate, Referred to Senate State Government, Wagering, Tourism & Historic Preservation Committee

1/13/2026

Committee Referrals

State Government, Wagering, Tourism & Historic Preservation1/13/2026

Full Bill Text

No bill text available