Bill
Bill > A5280
NJ A5280
Raises income eligibility threshold for pension and retirement income exclusion from gross income to $250,000.
summary
Introduced
01/27/2021
01/27/2021
In Committee
01/27/2021
01/27/2021
Crossed Over
Passed
Dead
01/11/2022
01/11/2022
Introduced Session
2020-2021 Regular Session
Bill Summary
This bill raises the annual income threshold for eligibility for the pension and other retirement income exclusion under the gross income tax to $250,000 for taxable years beginning on or after January 1, 2020. Under current law, qualifying taxpayers with $100,000 or less in annual income and who are at least 62 years old or disabled may exclude certain pension and retirement income from taxable gross income, up to a certain amount, depending on filing status. The current $100,000 annual income threshold for eligibility dates to 2005. The purpose of this bill is to permit more senior and disabled taxpayers to benefit from this tax relief by increasing the annual income threshold, beyond which taxpayers are ineligible for the exclusion.
AI Summary
This bill raises the annual income threshold for eligibility for the pension and other retirement income exclusion under the gross income tax to $250,000 for taxable years beginning on or after January 1, 2020. Under current law, qualifying taxpayers with $100,000 or less in annual income and who are at least 62 years old or disabled may exclude certain pension and retirement income from taxable gross income, up to a certain amount, depending on filing status. The purpose of this bill is to permit more senior and disabled taxpayers to benefit from this tax relief by increasing the annual income threshold, beyond which taxpayers are ineligible for the exclusion.
Committee Categories
Budget and Finance
Sponsors (3)
Last Action
Introduced, Referred to Assembly Appropriations Committee (on 01/27/2021)
bill text
bill summary
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bill summary
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bill summary
Document Type | Source Location |
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BillText | https://www.njleg.state.nj.us/2020/Bills/A9999/5280_I1.HTM |
Bill | https://www.njleg.state.nj.us/2020/Bills/A9999/5280_I1.PDF |
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