New Jersey Assembly Bill A3529

New Jersey 2024-2025 Regular Session

• Introduced: 2/5/24
• Refer: 2/5/24

Caption

Provides gross income tax deduction for certain moving expenses for taxpayer moving to New Jersey to commence work in State.

Impact

The bill establishes that to qualify for the deduction, a taxpayer must be employed full-time for a specified duration after relocating to New Jersey. Specifically, the taxpayer must work for at least 39 weeks within the first 12 months, or 78 weeks within 24 months, with at least a segment of that time occurring in the first year of residence. This legislative requirement aims to ensure that the individuals benefiting from the tax break are genuinely contributing to the state’s workforce.

Summary

Assembly Bill A3529 aims to provide a gross income tax deduction for specific moving expenses incurred by taxpayers who are relocating to New Jersey to start a new job. The bill outlines allowable deductions related to the relocation, including moving household goods, travel costs, and incidental storage expenses related to the move. This initiative is geared towards attracting new residents to the state by easing the financial burden of moving for employment purposes.

Contention

An important provision within A3529 is the waiver of the employment requirement under certain circumstances, such as in cases of death, disability, or involuntary job separation that is not due to misconduct. This aspect of the bill aims to protect those who may face unforeseen circumstances that prevent them from meeting employment obligations while still allowing them to benefit from the tax deduction. While the intention is to be inclusive, potential points of contention may arise regarding the definitions and implications of these exceptions, which could be scrutinized during legislative discussions.