New Jersey A1278 allows a gross income tax deduction for income earned in the form of tips.

New Jersey A1278 allows a gross income tax deduction for income earned in the form of tips. To claim this deduction, taxpayers must report their tip income to their employer as required by federal income tax law or as specified by the Director of the Division of Taxation. The Director is also tasked with adopting necessary rules and regulations to implement this act. The act takes effect immediately for taxable years beginning on or after January 1 following the date of enactment.

New Jersey A1278 allows a gross income tax deduction for income earned in the form of tips.

New Jersey A1278 allows a gross income tax deduction for income earned in the form of tips. To claim this deduction, taxpayers must report their tip income to their employer as required by federal income tax law or as specified by the Director of the Division of Taxation. The Director is also tasked with adopting necessary rules and regulations to implement this act. The act takes effect immediately for taxable years beginning on or after January 1 following the date of enactment.