Excludes certain retirement savings plan contributions, withdrawals, and rollovers from gross income tax.

S 4393 would exclude certain retirement savings plan contributions, qualified withdrawals, and rollovers from New Jersey's gross income tax calculation. It specifically applies to contributions and qualified withdrawals from 401(k) plans, 403(b) annuity contracts for government and nonprofit employees, 457 deferred compensation plans, Thrift Savings Plans, and Individual Retirement Accounts (IRAs). A "qualified withdrawal" is defined as one permitted under federal tax law without penalties or additional taxes. This change would reduce taxable income for New Jersey residents using these retirement savings vehicles. The bill would take effect immediately for taxable years beginning on or after January 1 following its enactment.