S.1042

New Jersey bill S1042 excludes from gross income tax distributions from individual retirement accounts to qualified charitable organizations.

New Jersey bill S1042 amends the state's gross income tax law to exclude from taxable income distributions from Roth IRAs and traditional IRAs that are made to qualified charitable organizations. A qualified charitable organization is defined as one that receives tax-exempt status under section 501(c)(3) of the federal Internal Revenue Code. This bill applies to taxable years beginning on or after January 1 of the year following the date of enactment.