NJ S1940

Creates a New Jersey gross income tax deduction for moving expenses incurred by taxpayers relocating from out-of-state to New Jersey to begin work in the state.

Eligible moving expenses include reasonable costs of moving household goods and personal effects, travel and lodging (not meals) for household members, and incidental storage expenses.

Requires the taxpayer to work full-time in New Jersey for at least 39 weeks during the 12 months following the move, or for self-employed individuals, at least 78 weeks during the 24-month period.

Waives the work requirement if the taxpayer cannot satisfy it due to death, disability, involuntary separation (other than for willful misconduct), or employer-initiated transfer.

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