New Jersey bill excludes from gross income tax distributions from individual retirement accounts to qualified charitable organizations.

The bill amends New Jersey's gross income tax provisions to exclude distributions from individual retirement accounts, including Roth IRAs and traditional IRAs, to qualified charitable organizations. A "qualified charitable organization" is defined as an organization recognized by the federal Internal Revenue Service as tax-exempt under section 501(c)(3) of the federal Internal Revenue Code.

New Jersey bill excludes from gross income tax distributions from individual retirement accounts to qualified charitable organizations.

The bill amends New Jersey's gross income tax provisions to exclude distributions from individual retirement accounts, including Roth IRAs and traditional IRAs, to qualified charitable organizations. A "qualified charitable organization" is defined as an organization recognized by the federal Internal Revenue Service as tax-exempt under section 501(c)(3) of the federal Internal Revenue Code.