Excludes certain retirement savings plan contributions, withdrawals, and rollovers 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 proposes to exclude certain retirement savings plan contributions, withdrawals, and rollovers from gross income tax in New Jersey. Specifically, it amends the state’s gross income definition to include these types of transactions. This change aims to provide tax relief for individuals saving for retirement. The bill also updates provisions related to pension and annuity exclusions, adjusting the income thresholds for these exclusions over time.
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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