Modifies eligibility requirements for other retirement income exclusion concerning other sources of income.
New Jersey bill S 3293 increases the income threshold for certain retirement income exclusions. It raises the limit for other income sources (like wages or business income) that would disqualify a taxpayer from the exclusion from $3,000 to $25,000. This change applies to New Jersey residents aged 62+ receiving retirement income, but only if their total gross income does not exceed $100,000. The bill modifies existing tax code provisions (N.J.S.54A:6-15) to adjust these eligibility requirements. It does not change the maximum exclusion amounts for retirement income itself.
Bill status
in committee
1 of 4 stages cleared
Introduction
May 2024
Committee Review
Floor Vote
Governor
Introduced May 20, 2024
Last action May 20, 2024
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Full legislative history
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Total actions
1
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0
Committee
0
May 20, 2024
Introduced
Introduced in the Senate, Referred to Senate State Government, Wagering, Tourism & Historic Preservation Committee
upper
2 primary · 0 co-sponsors
Sponsors
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