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Exempts Qualified Capital Gains from Sale or Exchange of Small Business Stock from New Jersey Gross Income
The law states that gross income does not include net gains or income derived from the sale, exchange, or other disposition of qualified small business stock that are also exempt from federal taxation.
Effective: July 1, 2025, and applies to taxable years beginning on or after January 1, 2026.
Modifies Payer of Fees and Taxes on Certain Real Property Transfers
This law amends the additional fee on certain transfers of real property and imposes the fee on the grantor, where previously it was imposed on the grantee. The law also amends the Controlling Interest Transfer Tax to impose the fee on the seller, where previously it was imposed on the purchaser. A new fee structure has been created for both scenarios.
Effective: July 1, 2025, and applies to transfers of real property or controlling interests occurring on or after July 10, 2025.
Expands Property Tax Reimbursement Eligibility
The law allows disabled individuals under age 65 who receive federal Railroad Retirement Disability payments and meet all of the other eligibility requirements to apply for the Property Tax Reimbursement (PTR) program.
Official Site of The State of New Jersey