New Jersey bill allows tax deduction for sale of real property interests to conservation organizations.
The bill provides a gross income tax deduction for New Jersey taxpayers who sell certain real property interests to qualified conservation organizations. This includes both full market value sales and bargain sales, where the sale price is less than the property's fair market value. The deduction applies to sales to organizations participating in conservation programs, such as the Green Acres program or historic preservation efforts. The deduction amount equals the contribution allowed under federal law for charitable donations.
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