Excludes certain retirement savings plan contributions, withdrawals, and rollovers from gross income tax.
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed General Assembly
- Passed Senate
- To Governor
- Became Law
Overview
This bill aims to reduce taxes for New Jersey residents by excluding certain retirement savings plan contributions, withdrawals, and rollovers from gross income. Specifically, it expands the categories of income that are not taxed, including contributions to qualified retirement plans, distributions from IRAs, and rollovers to other retirement accounts. This change is intended to provide financial relief for taxpayers saving for retirement.
Bill text
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Document of record
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Sponsors
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4 on record
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