Allows gross income tax deduction for charitable contributions made to nonprofit entities supported by State funds or subsides.

This New Jersey bill allows taxpayers to deduct charitable contributions made to nonprofit organizations that receive state funds or economic development subsidies. The deduction is limited to $10,000 for married couples filing jointly and heads of household, and $5,000 for single filers and others. Eligible nonprofits are defined as organizations that do not operate for private profit and are not part of any government, while the term "economic development subsidy" includes various forms of financial assistance like grants and loans provided to businesses. The law applies to contributions made in taxable years beginning on or after the date the bill is enacted.