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

This bill (S 3329) changes New Jersey's gross income tax rules to benefit taxpayers using specific retirement plans. It excludes certain contributions to deferred compensation plans (like employer-sponsored retirement savings) from taxable income and creates a deduction for eligible individual retirement savings. The key change amends the tax code to remove these specific retirement contributions from the calculation of taxable income. This directly affects New Jersey taxpayers who contribute to qualifying retirement plans, reducing their taxable income for state tax purposes.