S 3329
Excludes certain contributions to deferred compensation plans and provides deduction for certain individual retirement savings under the gross income tax.
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Sign in to take action- Introduced
- Passed Senate
- Passed General Assembly
- To Governor
- Became Law
Bill overview
This bill modifies the New Jersey gross income tax by excluding certain contributions to deferred compensation plans for employees of public and nonprofit sectors, and providing a deduction for contributions to individual retirement accounts (IRAs). Specifically, it expands the existing tax benefits to include employees of government and non-profit organizations, aligning their retirement savings options with those available to private sector employees. The bill amends state tax law to reflect these changes, aiming to encourage greater retirement savings among a broader range of New Jersey residents.
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