Excludes certain contributions to deferred compensation plans and provides deduction for certain individual retirement savings under the gross income tax.

This New Jersey bill (S 2357) adds a tax deduction for certain retirement savings contributions under the state's gross income tax. It specifically allows taxpayers to deduct contributions to qualifying individual retirement accounts (IRAs) and excludes certain deferred compensation plan contributions from taxable income. The bill amends the state tax code to create these deductions, directly affecting New Jersey residents who make eligible retirement savings contributions. The policy change simplifies tax filing for these taxpayers by reducing their taxable income through these specific retirement savings deductions.