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New JerseyA4455220th Legislature (2024-2025)HouseWALLET

Allows exemption from New Jersey gross income of certain capital gains from sale or exchange of qualified small business stock.**

Sponsored By: Roy Freiman (Democratic), Robert J. Karabinchak (Democratic), Raj Mukherji (Democratic), Paul A. Sarlo (Democratic), Gary S. Schaer (Democratic)

Signed by Governor

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Bill Overview

Analyzed Economic Effects

1 provisions identified: 1 benefits, 0 costs, 0 mixed.

New Jersey tax relief for small-business investors

The law took effect June 30, 2025. The tax break applies to tax years beginning on or after January 1, 2026. New Jersey excludes net gains or income from selling, exchanging, or otherwise disposing of qualified small-business stock from gross income. Only the portion exempt from federal tax under Internal Revenue Code Section 1202 qualifies.

Sponsors & Cosponsors

Sponsors

  • Roy Freiman

    Democratic • House

  • Robert J. Karabinchak

    Democratic • House

  • Raj Mukherji

    Democratic • Senate

  • Paul A. Sarlo

    Democratic • Senate

  • Gary S. Schaer

    Democratic • House

Cosponsors

  • Atkins, Reginald W.

    Affiliation unavailable

  • Clinton Calabrese

    Democratic • House

  • Mitchelle Drulis

    Democratic • House

  • Kevin P. Egan

    Democratic • House

  • Shama A. Haider

    Democratic • House

  • Dan Hutchison

    Democratic • House

  • Cody D. Miller

    Democratic • House

  • Ellen J. Park

    Democratic • House

  • Verlina Reynolds-Jackson

    Democratic • House

  • Parker Space

    Republican • Senate

  • William W. Spearman

    Democratic • House

  • Lisa Swain

    Democratic • House

  • Chris Tully

    Democratic • House

Roll Call Votes

All Roll Calls

Yes: 119 • No: 0

House vote • 6/30/2025

3RDG FINAL PASSAGE

Yes: 80 • No: 0

Senate vote • 6/30/2025

3RDG FINAL PASSAGE

Yes: 39 • No: 0

Actions Timeline

  1. Approved by Governor — P.L.2025, c.67.

    6/30/2025Governor

  2. Passed Senate, PBH — (39-0)

    6/30/2025Senate

  3. Substituted for S4503 (SCS)

    6/30/2025Senate

  4. Received in Senate, SWR, 2nd Reading in Senate

    6/30/2025Senate

  5. Passed Assembly — (80-0-0)

    6/30/2025House

  6. REP/ACA, 2nd Reading in Assembly

    6/26/2025House

  7. RCM Assembly Budget Committee

    6/26/2025House

  8. REP/ACS, 2nd Reading in Assembly

    6/19/2025House

  9. REP/ACA, Referred to Assembly Appropriations Committee

    3/20/2025House

  10. REP/ACA, Referred to Assembly State and Local Government Committee

    3/6/2025House

  11. Introduced, 1st Reading in Assembly, Referred to Assembly Commerce, Economic Development and Agriculture Committee

    6/3/2024House

Bill Text

  • Version PL2025

    8/11/2025

    HTMLPDF

  • Version AL2025

    7/10/2025

    HTMLPDF

  • 7/3/25; 1R ACS

    7/3/2025

    HTMLPDF

  • Assembly Budget (6/26/25 1R ACS)

    6/30/2025

    HTMLPDF

  • Assembly Budget Substitute (6/26/25 ACS)

    6/27/2025

    HTMLPDF

  • Assembly Appropriations (6/19/25 ACS)

    6/19/2025

    HTMLPDF

  • Assembly Appropriations Substitute (6/19/25 ACS)

    6/19/2025

    HTMLPDF

  • Assembly State and Local Government (3/20/25 2R)

    6/19/2025

    HTMLPDF

  • Assembly State and Local Government Substitute (3/20/25 1R)

    3/21/2025

    HTMLPDF

  • Assembly Commerce, Economic Development and Agriculture (3/6/25 1R)

    3/20/2025

    HTMLPDF

  • Assembly Commerce, Economic Development and Agriculture Substitute (3/6/25)

    3/7/2025

    HTMLPDF

  • As Introduced

    2/28/2025

    HTMLPDF

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