Excludes deferred compensation of certain public school and federal tax-exempt organization employees from current taxation 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 changes New Jersey’s tax laws to align with federal rules regarding retirement savings. It excludes deferred compensation for certain employees of public schools and federal tax-exempt organizations from being taxed as income under the state’s gross income tax. Specifically, it expands the types of retirement savings plans eligible for tax deferral, mirroring provisions already in place for employees of for-profit businesses.
Bill text
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Document of record
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Sponsors
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1 on record
Primary sponsor
Anthony Bucco
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