This bill establishes a gross income tax deduction for taxpayers who move to New Jersey to begin work. It allows deductions for reasonable moving expenses, which include the costs of transporting household goods, travel expenses for household members, and storage costs related to the move. The bill defines "members of the household" as individuals who lived at the former residence and will reside at the new one, excluding employees or tenants of the taxpayer.

To qualify for the deduction, the taxpayer must commence work in New Jersey and meet specific employment criteria: full-time employment for at least 39 weeks within the first 12 months after the move, or for self-employed individuals, at least 78 weeks within a 24-month period, with a minimum of 39 weeks in the first year. The bill also provides exceptions to these requirements in cases of death, disability, involuntary separation from employment, or employer-directed transfers. The act is set to take effect immediately and will apply to taxable years starting on or after January 1 following its enactment.