Provides gross income tax exclusion for minimum required distributions from qualified retirement plans.

This bill (S 2567) excludes minimum required retirement plan withdrawals (RMDs) from New Jersey's state gross income tax. It directly affects New Jersey residents aged 72 or older who receive mandatory annual distributions from qualified retirement plans, such as traditional IRAs or 401(k)s. The bill uses the federal definition of RMDs (from IRS Section 4974) to specify that these required withdrawals will no longer be taxed by New Jersey. This change reduces state tax burdens for seniors receiving RMDs, applying immediately to taxable years after enactment.