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S 2295

New Jersey Senate bill in Session 2026-2027.

Status: introduced. Latest action: January 13, 2026.

Punitive damages paid in connection w/legal actions-disallows tax deduction.

Bill ID NJ-2026-2027-S-2295
Session 2026-2027
Status introduced
Committee Judiciary
Senate introduced 2026-01-13
Business / Commerce Tax / Budget / Appropriations
Summary

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.

Sponsor
McKeon, John F.
Official Source Back to Bills
Actions Timeline
Date Event Detail
2026-01-13 Introduced Bill introduced
2026-01-13 Status introduced
2026-01-13 Latest Action INT 1RS REF SJU
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