Removes income-based limitations on gross income tax exclusion for pension and retirement income.

This bill (S 394) removes income-based limits that currently restrict tax exclusions for retirement income in New Jersey. It amends N.J.S.54A:6-10 and P.L.1977, c.273 to eliminate the current income thresholds that reduce or phase out the exclusion amount for retirees. Under the current law, taxpayers with higher incomes (e.g., over $100,000 for single filers before 2021) receive a reduced exclusion percentage, but this bill would allow the full exclusion amount regardless of income level. It directly affects New Jersey residents aged 62+ or disabled individuals receiving pension, annuity, or retirement benefits from public or private plans. The change would apply to all taxable years beginning after the bill's effective date.