Excludes certain retirement savings plan contributions, withdrawals, and rollovers from gross income tax.

This bill would exclude certain retirement savings contributions, qualified withdrawals, and rollovers from New Jersey's gross income tax calculation. It specifically applies to contributions to 401(k) plans, 401(a) pension plans, 403(b) annuity plans, 457 deferred compensation plans, Thrift Savings Plans, and Individual Retirement Accounts (IRAs). Qualified withdrawals from these accounts and rollovers from Traditional IRAs to Roth IRAs would not count toward taxable income. The policy aims to provide tax advantages for retirement savings, potentially encouraging more New Jersey residents to save for retirement.