Bill > A5538

Introduced Session

This bill raises the annual income threshold for eligibility for the pension and other retirement income exclusion under the gross income tax to $150,000 for taxable years beginning on or after January 1, 2021. Under current law, qualifying taxpayers with $100,000 or less in annual income 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 was established in 2005. This bill will permit more senior and disabled taxpayers to benefit from this tax exclusion by increasing the annual income threshold for eligibility for this deduction.

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Daniel Benson (D)*,  John Burzichelli (D)*,  Ronald Dancer (R), 

Introduced, Referred to Assembly Appropriations Committee (on 05/05/2021)

Official Document