New Jersey 222nd Legislature Status: Introduced

A 5508 — Allows gross income tax deduction for certain losses for which federal theft loss deduction is allowed and authorizes penalty relief and installment payment agreements for certain victims of financial fraud.

Last action — INT 1RA REF APS

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  1. 1
    Introduced
  2. 2
    In Committee
  3. 3
    Passed General Assembly
  4. 4
    Passed Senate
  5. 5
    To Executive
  6. 6
    Enacted

This bill has been introduced in the General Assembly. Introduced September 17, 2026. It must pass committee before a floor vote.

Next likely step: a committee referral and hearing.

Prognosis

Not enough signal yet

Where this bill stands today.

Odds of enactment

Low

How often bills like it became law.

Not enough signal yet to read this bill's trajectory — we surface a likelihood only once there's real movement (stage, sponsorship, committee, or votes) to point to.

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In plain language

The bill allows tax deductions for certain theft losses and offers relief to fraud victims.

This legislation permits a deduction from gross income for theft losses that qualify under federal tax rules. Additionally, it provides penalty relief and payment plan options for victims of financial fraud.

What this means for you
  • Families: Families impacted by financial fraud could benefit from relief options and payment plans for their taxes.
  • Consumers: If you have experienced theft, you may be able to deduct those losses from your taxable income.

Summary

Theft loses, certain-allow gross income tax deduction

Bill Text

  • Introduced View text Current html September 18, 2026

Action History

  1. INT 1RA REF APS

Sponsors

  • Clinton Calabrese · Primary

Sponsorship breakdown

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1 sponsors · 0 co-sponsors · 119 not signed on

Sponsors (1)

  • Calabrese, Clinton

Co-sponsors (0)

None.

Not signed on (119)

119 members have not signed on to this bill.

Show all 119 →

"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.

Whip count is in markup. Polling the chamber and every recorded vote this session. Only the first open is slow. It’s instant for you after this. Calling the roll · Tallying · Engrossing

Subjects

taxation
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Frequently asked questions

What does A 5508 do?
Theft loses, certain-allow gross income tax deduction
Who sponsors A 5508?
A 5508 is sponsored by Calabrese, Clinton.
What is the current status of A 5508?
This bill has been introduced in the General Assembly. Introduced September 17, 2026. It must pass committee before a floor vote.
Where can I track A 5508?
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