New Jersey A4871 allows a tax deduction for charitable contributions to nonprofit entities funded by state funds or subsidies.
New Jersey A4871 allows a gross income tax deduction for charitable contributions made to nonprofit entities that receive state funds or economic development subsidies. The deduction is capped at $10,000 for married taxpayers filing jointly or individuals filing as heads of household, and $5,000 for single filers, married taxpayers filing separately, and surviving spouses. The bill defines "economic development subsidy" as financial assistance exceeding $500 provided by a state public body to stimulate economic development in New Jersey.
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