S.4733

New Jersey S4733 allows a gross income tax deduction for income earned in the form of tips.

New Jersey S4733 allows a deduction from gross income for income received in the form of tips for services rendered during the taxable year. The deduction is equal to the amount of income reported in statements furnished to the employer under federal law or other documentation required by the Director of the Division of Taxation. The bill requires taxpayers to report tip income to their employer and mandates the Director of the Division of Taxation to adopt necessary rules and regulations to implement the deduction.