Bill > S3287

This bill provides a gross income tax deduction for New Jersey taxpayers who sell certain real property interests to qualified conservation organizations, either through a full market value sale or a bargain sale. Under the bill, a taxpayer can deduct the capital gain realized from the sale, and in the case of a bargain sale, the taxpayer can allocate the property's cost basis between the gift and sale elements. A "qualified organization" includes governmental units, charitable trusts, and various conservation-related organizations involved in programs like Green Acres, farmland preservation, and wildlife conservation. The bill also amends existing law to explicitly allow a deduction for the charitable donation portion of a bargain sale, ensuring that taxpayers can receive tax benefits for both the sale and donation components of such transactions. This legislation aims to incentivize land conservation by providing tax advantages to property owners who sell or donate land for environmental, historical, or recreational preservation purposes. The bill will take effect immediately and apply to taxable years beginning after its enactment.

Agriculture and Natural Resources, Budget and Finance

https://www.njleg.state.nj.us/bill-search/2024/S3287