Excludes contributions made to certain retirement savings plans under gross income tax.

This bill, S 4317, excludes certain retirement savings plan contributions from New Jersey's gross income tax. It affects New Jersey taxpayers who contribute to specific retirement plans that already qualify for federal tax benefits. The key provision amends New Jersey tax law to exclude contributions made to: 401(k) plans, qualified pension plans, 403(b) annuity contracts, state/local government deferred compensation plans (457 plans), the federal Thrift Savings Fund, and standard Individual Retirement Accounts (IRAs). These contributions will no longer be counted as taxable income when made, though taxes will apply when funds are withdrawn. The exclusion applies to contributions made in taxable years beginning January 1 following the bill's enactment.