Allows gross income taxpayers to claim deduction for certain losses for which federal theft loss deduction is allowed.

This bill allows New Jersey residents to claim a state tax deduction for theft losses that are also deductible on their federal tax returns. It directly affects individuals who suffer financial losses from crimes such as larceny, embezzlement, or fraudulent schemes like investment scams. The key provision ensures that the amount of the state deduction matches the federal deduction allowed under the Internal Revenue Code, provided the loss is not already offset by other income calculations. By aligning state rules with federal standards, the legislation simplifies the process for victims of theft to reduce their taxable income.