This bill creates a tax incentive program for small New Jersey manufacturers (employing ≤50 people) to invest in equipment and workforce training. It allows businesses to deduct up to $100,000 annually from their income tax for contributions to a special "manufacturing reinvestment account" held at a New Jersey financial institution. Funds in the account can be used for qualifying expenses like machinery/equipment purchases or New Jersey-based worker training, with unused funds earning tax-advantaged treatment until distributed. The program applies for five consecutive tax years, after which remaining balances are taxed normally.
This bill allows New Jersey homeowners to deduct up to $45,000 annually from their gross income for removing specific contaminants from their primary residence. It covers lead-based paint, asbestos, lead pipes, and water treatment for sodium/chloride contamination (caused by road salt) in private wells. Homeowners must pay certified contractors for these removals, and the deduction applies regardless of income. The bill expires December 31, 2027, and retroactively covers eligible expenses since 2018.
This bill provides tax credits to New Jersey commercial farm operators who experience price losses on their products. It allows eligible farms to claim credits against corporation business tax or gross income tax based on a certification of price loss from the State Agriculture Secretary. Credits are limited to 50% of tax liability and can be carried forward for up to seven years if unused. The bill also permits taxpayers to transfer unused credits to other businesses, subject to specific rules.
This bill (A3163) would allow New Jersey residents to deduct charitable contributions made to qualifying New Jersey-based organizations from their state gross income tax. The deduction amount would mirror the federal deduction allowed under IRS Section 170 for the same contribution, regardless of whether the taxpayer claims the federal itemized deduction. It directly affects New Jersey taxpayers who donate to charities registered under New Jersey's Charitable Registration Act or exempt from it, provided the charity maintains a physical presence in the state (office, employees, services). The policy applies to contributions made in taxable years starting January 1 after enactment, pending legislative approval.
This bill (A 3831) allows New Jersey residents with NJBEST college savings accounts to transfer funds directly into a Roth IRA as a "qualified withdrawal," excluding these transfers from New Jersey gross income tax. It expands the existing NJBEST program - designed for college savings - by adding Roth IRA rollovers as a permitted use, aligning with federal tax rules under Section 529 of the Internal Revenue Code. The change directly affects NJBEST account holders who wish to redirect saved funds toward retirement instead of education expenses. The bill amends NJ's tax code to exclude these specific Roth IRA rollovers from state taxable income, while maintaining the program's federal qualification. The bill is currently pending in the Assembly Higher Education Committee (introduced January 2026).
The New Jersey Battlefield to Boardroom Act provides tax credits to New Jersey businesses that hire veterans meeting specific criteria. Businesses can claim a credit equal to 10% of qualified wages paid to veterans (capped at $1,200 per veteran annually) for wages earned between 2026 and 2029. To qualify, businesses must hire at least 25% veterans as new employees, maintain 50% of veterans hired the previous year, and provide veteran support services and recruitment efforts. The credit cannot exceed 50% of the business tax liability and is void if wages are claimed for other state benefits.
This bill allows cosigners on New Jersey's NJCLASS student loans to make voluntary payments beyond what the borrower pays, with those payments qualifying for a tax deduction. Cosigners earning $80,000 or less can deduct the full amount paid, while those earning more can deduct 50%. It also expands tax deductions for borrowers: those earning $80,000 or less can deduct all interest paid on NJCLASS loans, and higher earners can deduct 50% of interest. The policy directly affects NJCLASS borrowers and their cosigners by providing tax relief on loan payments and interest. It applies specifically to the New Jersey College Loans to Assist State Students (NJCLASS) Program.
This bill (A1178) establishes a new formula for distributing New Jersey's state school aid to public school districts. It directly affects all 600+ public school districts by determining their funding based on projected income tax revenue and student enrollment. The formula calculates per-pupil state aid by dividing the total projected state income tax revenue by the statewide student enrollment, then multiplying that amount by each district's projected enrollment. This replaces previous funding methods and aims to fulfill constitutional requirements for equitable school funding. The bill takes effect immediately upon enactment.
This bill (S 3595) excludes minimum required distributions (RMDs) from qualified retirement plans from New Jersey's gross income tax. It directly affects New Jersey residents aged 72 or older who must take annual RMDs from retirement accounts under federal law (as defined in 26 U.S.C. §4974). The bill removes state income tax on these mandatory withdrawals, which are currently taxed by both federal and state governments. The change applies to taxable years beginning after the bill's enactment.
This New Jersey bill creates tax credits for businesses that hire immediate family members (spouse, child, or parent) of military personnel killed in action. Employers receive a 10% credit on qualified wages paid to these new full-time employees, capped at $1,200 per family member annually, for employment lasting at least nine consecutive months. The credit is nonrefundable but can be carried forward for up to 20 years, and it cannot be combined with other state employment tax credits. The bill applies to wages subject to New Jersey's Gross Income Tax and includes provisions for recapturing credits due to noncompliance.
