Excludes contributions made to certain retirement savings plans under gross income tax.
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed Senate
- Passed General Assembly
- To Governor
- Became Law
Overview
This bill proposes to exclude contributions made to certain retirement savings plans from an individual’s gross income for state income tax purposes in New Jersey. Specifically, it applies to contributions made to plans that qualify for federal income tax benefits, including 401(k) plans, 403(b) plans, deferred compensation plans, federal Thrift Savings Plans, and individual retirement accounts. The bill amends the state’s gross income definition to reflect this exclusion and specifies that the changes will take effect immediately following enactment.
Bill text
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Document of record
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Sponsors
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3 on record
Primary sponsors
Joseph Lagana
Cosponsor
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