New Jersey S4642 excludes attorney's fees and costs from gross income tax for unlawful discrimination, retaliation, and whistleblower claims.
New Jersey S4642 amends state law to exclude from gross income tax the attorney's fees and costs received by victims of unlawful discrimination, unlawful retaliation, and whistleblower actions. This exclusion applies to both the law firm and the victim, ensuring that the fees and costs are not subject to state tax. The bill does not alter the federal taxation of these fees and costs. It applies to taxable years beginning on or after January 1 of the year following the bill's enactment.
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