Expands eligibility for pension and retirement income exclusion to taxpayers with incomes exceeding $150,000, and increases amount of exclusion that qualifying taxpayers may claim.
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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 expands eligibility for a pension and retirement income exclusion in New Jersey’s gross income tax. It allows taxpayers with incomes exceeding $150,000 to claim the exclusion, increasing the amount they can exclude from their taxable income. The bill also increases the maximum exclusion amount to $150,000 for taxpayers with incomes up to $150,000, and provides for a graduated exclusion for higher incomes, up to $300,000.
Bill text
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Document of record
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Sponsors
Official sponsors from legislative records.
3 on record
Primary sponsor
Anthony Bucco
Cosponsors
James Holzapfel
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