Allows distributions from NJBEST account to Roth IRA as qualified withdrawals and excludes such distributions from 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 allows individuals in New Jersey to withdraw money from the NJBEST account and move it directly into a Roth IRA as a ‘qualified withdrawal,’ effectively excluding those earnings from state income tax. This change aligns with recent federal legislation that permits a ‘special rollover’ of funds from 529 plans into Roth IRAs. The bill updates New Jersey law to reflect this new federal provision, simplifying the process for taxpayers to save for education while benefiting from Roth IRA tax advantages.
Bill text
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Document of record
- Version
- Introduced
- Published
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Sponsors
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2 on record
Primary sponsors
Anthony Bucco
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