Consolidates all categories of gross income for cross-claiming of net losses and allows 20 year loss carryforward under New Jersey gross income tax; repeals alternate business income calculation.

This bill (A-3191) changes New Jersey's gross income tax by consolidating all 16 income categories into one for loss offsetting. It allows taxpayers to use losses from one income source (like business profits) to offset gains from another (like investment income), and extends the carryforward period for unused net losses to 20 years. The bill repeals a prior limited rule that only permitted cross-offsetting for four business-related income categories. This change primarily affects businesses and investors with diverse income streams, making New Jersey's tax system more flexible compared to its previous category-based structure.