A 3791
Provides gross income tax exclusion for minimum required distributions from qualified retirement plans.
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- Passed General Assembly
- Passed Senate
- To Governor
- Became Law
Bill overview
This bill proposes to exempt minimum required distributions (RMDs) from qualified retirement plans from New Jersey’s gross income tax. Currently, individuals aged 72 and older are required to take RMDs from their retirement accounts, and these withdrawals are subject to both federal and state income taxes. This legislation would eliminate New Jersey’s tax liability on these RMDs, providing a tax benefit to New Jersey seniors. The bill takes effect immediately upon enactment.
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