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NJ S3431
NJ S3431Modifies eligibility requirements for other retirement income exclusion concerning other sources of income.
summary
Introduced
02/11/2021
02/11/2021
In Committee
02/11/2021
02/11/2021
Crossed Over
Passed
Dead
01/11/2022
01/11/2022
Introduced Session
2020-2021 Regular Session
Bill Summary
This bill amends the eligibility requirements concerning other sources of income as it relates to the retirement income exclusion. Under current law, taxpayers are not allowed to claim the retirement income exclusion if they have income in excess of $3,000 from certain sources of income, such as salaries, wages, tips, fees, commissions, net profits from businesses, distributive share of partnership income, net pro rate share of S corporation income, and others. This bill increases the income limit for those sources of income to $25,000. However, if a taxpayer's total gross income exceeds $100,000, the taxpayer will still be ineligible for this exclusion.
AI Summary
This bill amends the eligibility requirements for the New Jersey retirement income exclusion. It increases the income limit from $3,000 to $25,000 for certain sources of income, such as salaries, wages, and business profits, that would otherwise disqualify a taxpayer aged 62 or older from claiming the exclusion. However, if a taxpayer's total gross income exceeds $100,000, they will still be ineligible for this exclusion. The bill also provides additional exclusion amounts based on filing status, up to $100,000 for married couples filing jointly.
Committee Categories
Budget and Finance
Sponsors (3)
Last Action
Introduced in the Senate, Referred to Senate Budget and Appropriations Committee (on 02/11/2021)
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| BillText | https://www.njleg.state.nj.us/2020/Bills/S3500/3431_I1.HTM |
| Bill | https://www.njleg.state.nj.us/2020/Bills/S3500/3431_I1.PDF |
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