TRENTON — Assemblywoman Caroline Casagrande wants to offer a tax deduction for moving expenses to people who relocate to the Garden State for employment purposes.
Casagrande’s bill, introduced today, would provide a gross income tax deduction for certain moving expenses for taxpayers who move to New Jersey to begin work.
“More businesses are beginning to make New Jersey their home as a result of our continuing efforts to reform government and reduce bureaucratic red tape,” said Casagrande, R-Monmouth. “When companies relocate to New Jersey, they often offer transfers to many of their employees. Offering a tax deduction for moving expenses is an added incentive for workers to follow the job.
“New Jersey is a wonderful place to live,” she continued. “That’s not only my opinion, but that of 70 percent of our residents. Receiving a tax deduction to move here makes it even better.”
Under Casagrande’s legislation, a person and their household would be allowed a gross income tax deduction for expenses incurred in moving their household goods and personal effects from their former residence to their new residence, travel, and the storage of household effects incidental to the move.
The bill requires that the move be in connection with the commencement of work in the state. It also requires that during the 12-month period immediately following the move, the taxpayer be employed full time for at least 39 weeks. A self-employed taxpayer must be employed for performing services full time for at least 78 weeks of the 24 month period following the move.
According to the latest Monmouth University poll, 20 percent of New Jerseyans say that the state is an excellent place to live while 50 percent say it’s a good place to live. The 70 percent overall rating is the first time the state hit the seven-in-ten mark since May of 2003 when it was 72 percent.