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  • NJ A754
  • Increases pension and retirement income exclusions under gross income tax for certain taxpayers.
Introduced
(1/27/2016)
In Committee
(1/27/2016)
Crossed OverPassedSignedDead/Failed/Vetoed
2016-2017 Regular Session
This bill triples the current combined pension and other retirement income exclusion cap under the New Jersey gross income tax only for those eligible taxpayers aged 67 and older. The purpose of the bill is to reduce the income tax burden on taxpayers as they advance in age by allowing them to exclude a greater amount of their eligible pension or retirement income from taxable income. This bill raises the combined retirement income exclusion cap to $60,000 for a married couple filing jointly, to $30,000 for a married person filing separately, and to $45,000 for an individual filing as a single taxpayer, for taxable years beginning on or after January 1, 2014 for those aged 67 and older.
Budget
Introduced, Referred to Assembly Budget Committee  (on 1/27/2016)
 
 
Date Chamber Action Description
1/27/2016 A Introduced, Referred to Assembly Budget Committee
Date Motion Yea Nay Other
None specified