New Jersey Senate Bill 2295: Disallows tax deduction under corporation business tax and gross income tax for punitive damages paid in connection with legal action; includes amount paid as punitive damages on behalf of taxpayer in income for tax purposes.

New Jersey · 2026-2027 Regular Session

What it does

Disallows tax deduction under corporation business tax and gross income tax for punitive damages paid in connection with legal action; includes amount paid as punitive damages on behalf of taxpayer in income for tax purposes.

Latest action

Introduced in the Senate, Referred to Senate Judiciary Committee (2026-01-13)

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