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  • NJ A3339
  • Increases the personal income tax's pension and retirement income exclusion fivefold over three years.
Introduced
(2/22/2016)
In Committee
(2/22/2016)
Crossed OverPassedSignedDead/Failed/Vetoed
2016-2017 Regular Session
This bill increases the personal income tax's pension and retirement income exclusion fivefold over three years. The purpose of this bill is to reduce the State's personal income tax's capacity to diminish retirement income. Generally under current law, taxpayers with $100,000 or less of annual income, who are at least 62 years old, may claim a pension and retirement income exclusion of up to $20,000 for joint filers, $15,000 for individuals, and $10,000 for married but filing separately. This bill increases the personal income tax's pension and retirement income exclusion to $100,000 for joint filers, $75,000 for individuals, and $50,000 for married but filing separately. The bill phases in the five-fold exclusion increase over three years as follows: Filer Type Present Year 1 Year 2 Year 3 Joint $20,000 $40,000 $80,000 $100,000 Individual $15,000 $30,000 $60,000 $75,000 Separate $10,000 $20,000 $40,000 $50,000 The bill is scheduled to apply to taxable years beginning on or after the January 1, first following the date of enactment.
Budget
Introduced, Referred to Assembly Budget Committee  (on 2/22/2016)
 
 
Date Chamber Action Description
2/22/2016 A Introduced, Referred to Assembly Budget Committee
Date Motion Yea Nay Other
None specified