It is hereby found that residents of this State with income taxable in the State of New York heretofore have been allowed only limited itemized deductions, as compared with residents of the State of New York, in the computation of income taxable by the State of New York; that by chapter 68 of the laws of New York of 1961, approved March 1, 1961, the State of New York altered this discriminatory feature of its laws by authorizing residents of the State of New Jersey to claim all or part of all types of itemized deductions available to residents of the State of New York; but that said chapter 68 provided that residents of the State of New Jersey may claim such additional itemized deductions only if the State of New Jersey shall have authorized certain withholding of taxes by employers in New Jersey who employ residents of New York and shall have entered into an agreement with the State of New York to provide to it certain information concerning its residents who are employed in the State of New Jersey, to aid in the collection of the income tax from such residents. It being the desire of the Legislature to authorize the steps necessary to secure for its residents the benefits of said chapter 68, and such other tax benefits as may be or become available by virtue of other laws of the State of New York or other jurisdictions, this act is enacted to authorize compliance with the conditions so prescribed by the State of New York and with other similar conditions prescribed by such other laws.

L.1961, c. 10, p. 29, s. 1.