New Jersey S 3329: Revises provisions related to selling and reselling of tickets.

Bill Text

S3329 

SENATE, No. 3329 

STATE OF NEW JERSEY

222nd LEGISLATURE

� 

INTRODUCED FEBRUARY 5, 2026

Sponsored by:

Senator� SHIRLEY K. TURNER

District 15 (Hunterdon and Mercer)

SYNOPSIS

���� Excludes certain contributions to deferred 
compensation plans and provides deduction for certain individual retirement 
savings under the gross income tax. 

CURRENT VERSION OF TEXT 

���� As introduced.

�� 

An Act excluding certain contributions to deferred 
compensation plans and providing a deduction for certain individual retirement 
savings under the gross income tax, amending N.J.S.54A:5-1 and P.L.1983, c.571 
and supplementing chapter 3 of Title 54A of the New Jersey Statutes.

���� Be It 
Enacted by the Senate and General Assembly of 
the State of New Jersey:

���� 1.��� N.J.S.54A:5-1 is amended 
to read as follows:

���� 54A:5-1.� New Jersey Gross 
Income Defined.� New Jersey gross income shall consist of the following 
categories of income:

���� a.���� Salaries, wages, tips, 
fees, commissions, bonuses, and other remuneration received for services 
rendered whether in cash or in property, and amounts paid or distributed, or 
deemed paid or distributed, out of a medical savings account that are not 
excluded from gross income pursuant to section 5 of P.L.1997, c.414 
(C.54A:6-27).

���� b.��� Net profits from 
business.� The net income from the operation of a business, profession or other 
activity after provision for all costs and expenses incurred in the conduct 
thereof, determined either on a cash or accrual basis in accordance with the 
method of accounting allowed for federal income tax purposes but without 
deduction of the amount of:

���� (1)�� taxes based on income;

���� (2)�� a civil, civil 
administrative, or criminal penalty or fine, including a penalty or fine under 
an administrative consent order, assessed and collected for a violation of a 
State or federal environmental law, an administrative consent order, or an 
environmental ordinance or resolution of a local governmental entity, and any 
interest earned on the penalty or fine, and any economic benefits having 
accrued to the violator as a result of a violation, which benefits are assessed 
and recovered in a civil, civil administrative, or criminal action, or pursuant 
to an administrative consent order.� The provisions of this paragraph shall not 
apply to a penalty or fine assessed or collected for a violation of a State or 
federal environmental law, or local environmental ordinance or resolution, if 
the penalty or fine was for a violation that resulted from fire, riot, 
sabotage, flood, storm event, natural cause, or other act of God beyond the 
reasonable control of the violator, or caused by an act or omission of a person 
who was outside the reasonable control of the violator; and

���� (3)�� treble damages paid to 
the Department of Environmental Protection pursuant to subsection a. of section 
7 of P.L.1976, c.141 (C.58:10-23.11f) for costs incurred by the department in 
removing, or arranging for the removal of, an unauthorized discharge upon the 
failure of the discharger to comply with a directive from the department to 
remove, or arrange for the removal of, a discharge.

���� c.���� Net gains or income 
from disposition of property.� Net gains or net income, less net losses, 
derived from the sale, exchange or other disposition of property, including 
real or personal, whether tangible or intangible as determined in accordance 
with the method of accounting allowed for federal income tax purposes.� For the 
purpose of determining gain or loss, the basis of property shall be the 
adjusted basis used for federal income tax purposes, except as expressly 
provided for under this act, but without a deduction for penalties, fines, or 
economic benefits excepted pursuant to paragraph (2), or for treble damages 
excepted pursuant to paragraph (3) of subsection b. of this section.

���� A taxpayer's net gain or loss 
on the sale, exchange or other disposition of a share of an S corporation shall 
be calculated by increasing the adjusted basis of the share by an amount equal 
to the shareholder's net losses and deductions in respect of the share allowed 
and deducted from income for federal income tax purposes, not including any 
personal net operating loss deductions, to the extent that such net losses were 
not offset by the taxpayer's pro rata share of S corporation income otherwise 
subject to taxation pursuant to subsection p. of this section in respect of 
another S corporation, subject to rules of priority and assignment determined 
by the director.

���� For the tax year 1976, any 
taxpayer with a tax liability under this subsection, or under the "Tax on 
Capital Gains and Other Unearned Income Act," P.L.1975, c.172 (C.54:8B-1 
et seq.), shall not be subject to payment of an amount greater than the amount 
he would have paid if either return had covered all capital transactions during 
the full tax year 1976; provided,