Provides retirement income exclusion under gross income tax for certain persons with income over $3,000 from part-time employment.
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Progress
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- Introduced
- Passed Senate
- Passed General Assembly
- To Governor
- Became Law
Overview
This bill proposes a retirement income exclusion under New Jersey’s gross income tax for certain individuals earning over $3,000 annually from part-time employment. It aims to provide additional tax relief for older workers who receive retirement income. Specifically, it allows individuals aged 62 or older with incomes not exceeding $150,000 to receive an exclusion for other retirement income, even if their part-time earnings exceed $3,000. The exclusion amount is calculated by subtracting a portion of the minimum wage and the pension/annuity exclusion from the otherwise allowable exclusion based on the taxpayer’s filing status.
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