A3191

Consolidates all categories of gross income for cross-claiming of net losses and allows 20 year loss carryforward under New Jersey gross income tax.

New Jersey A3191 consolidates all categories of gross income for cross-claiming of net losses and allows a 20 year loss carryforward under the New Jersey gross income tax. This bill repeals the alternate business income calculation and the limited cross-netting of gains and losses from four of the gross income tax’s 16 separately defined categories of income. It allows taxpayers to offset gains from one type of income with losses from another and permits net losses from the consolidated categories to be carried forward for up to 20 taxable years.