S 3595
Provides gross income tax exclusion for minimum required distributions from qualified retirement plans.
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- Passed Senate
- Passed General Assembly
- To Governor
- Became Law
Bill overview
This bill proposes to exempt required minimum distributions (RMDs) from qualified retirement plans from New Jersey’s gross income tax. Currently, individuals aged 72 and older are required to take certain withdrawals from their retirement accounts, and these withdrawals are subject to both federal and state income taxes. This legislation aims to reduce the tax burden on New Jersey seniors by excluding RMDs from state income calculations. The bill will take effect immediately and apply to tax years following its enactment.
Sponsors
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Primary sponsor
Anthony Bucco
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