New Jersey · 2026-2027 Regular Session · Bill

S 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.

In committee Last action January 13, 2026: Introduced in the Senate, Referred to Senate Judiciary Committee

Plain-language summary

S 2295 is a bill introduced in the New Jersey Senate on January 13, 2026. According to its official title, it concerns: 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. Primary sponsor: John McKeon (Democratic). Most recent recorded action (January 13, 2026): Introduced in the Senate, Referred to Senate Judiciary Committee.

Sponsors

Primary sponsor: John McKeon (Democratic).