S.4339

New Jersey S4339 allows taxpayers to claim a deduction for theft losses on their state tax returns if they are eligible for a federal theft loss.

New Jersey S4339 permits gross income taxpayers to claim a deduction for theft losses on their state tax returns if they are eligible for a federal theft loss deduction. This applies to losses from theft, including fraud, swindling, false pretenses, larceny, and embezzlement, provided the loss is not already included in the calculation of any category of income or other deductions. The deduction amount would match the federal theft loss deduction for the same taxable year. The bill defines "theft" in the same way as federal income tax purposes.