Bill > A1148

Introduced Session

This bill provides taxpayers a gross income tax exclusion in the amount of contributions made to a qualified retirement plan. A "qualified retirement plan" means: (1) a plan established under section 401(a) or section 401(k) of the federal Internal Revenue Code; (2) amounts paid for annuity contracts under section 403(b) of the federal Internal Revenue Code, allowed to employees of governments and nonprofits; (3) a deferred compensation plan established under section 457 of the federal Internal Revenue Code, allowed for state and local government and authority employees; (4) a federal Thrift Savings Plan; and (5) a standard Individual Retirement Account, pursuant to section 408 of the federal Internal Revenue Code. The contributions to these plans are taxed upon distribution from the account. The bill applies to contributions made and amounts paid on or after January 1, 2019.

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Committee Categories

Roy Freiman (D)*,  Edward Thomson (R)*,  Andrew Zwicker (D)*,  Daniel Benson (D),  BettyLou DeCroce (R),  Gordon Johnson (D),  Robert Karabinchak (D),  Erik Peterson (R),  Verlina Reynolds-Jackson (D),  Lisa Swain (D),  Chris Tully (D), 

Introduced, Referred to Assembly Financial Institutions and Insurance Committee (on 01/14/2020)

Official Document