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Assembly committee advances bill to allow New Jersey deduction for long‑held small‑business stock gains
Summary
The Assembly committee voted to release A4455 with committee amendments; the bill would let qualifying taxpayers deduct capital gains from sales of New Jersey qualified small business stock held at least five years, using a sliding maximum tied to payroll location and basis limits.
The Assembly committee on (date) released A4455, a bill that would allow New Jersey taxpayers to deduct capital gains from the sale or exchange of qualified small business stock held for at least five years, after committee amendments narrowed and clarified the definition of qualifying businesses and the allowable deduction schedule.
The measure, presented by Assemblyman Solomon Freiman and backed in testimony by Aaron Price, CEO of TechUnited New Jersey, would allow an individual taxpayer with gains from one or more dispositions of New Jersey qualified small business stock to claim a deduction equal to the greater of a specified dollar amount or a multiple of the aggregate adjusted basis of the qualified stock under a diminishing sliding scale. Under the bill as amended, the maximum deduction would be the greater of $10,000,000 or 10 times the…
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