Excludes under gross income tax certain contributions to qualified pension plans, deferred compensation plans and provides deduction for certain individual retirement savings.

This bill (A1183) amends New Jersey's gross income tax code to exclude certain retirement contributions from taxable income. It directly affects New Jersey residents who contribute to qualified pension plans, deferred compensation plans, or certain individual retirement savings accounts (like IRAs). The key provision allows these specific contributions to be excluded when calculating taxable income, reducing the tax burden for eligible individuals. The bill creates a new deduction for eligible retirement savings, aligning New Jersey tax treatment more closely with federal rules for these contributions. This is a procedural tax code change with no new programs or funding mechanisms.