Bill > A5539

Introduced Session

This bill provides a limited exclusion from the gross income tax on pension and retirement income for taxpayers with income between $100,000 and $150,000. Under current law, a taxpayer whose income exceeds $100,000 becomes ineligible for the pension and retirement income exclusion. The bill provides a limited exclusion as follows: If the taxpayer has income greater than $100,000, but not more than $125,000 Filer Type Amount of exclusion Married filing jointly 50 percent of pension payments and other retirement income Married filing separately 25 percent of pension payments and other retirement income Single 37.5 percent of pension payments and other income If the taxpayer has income greater than $125,000, but not more than $150,000 Filer Type Amount of exclusion Married filing jointly 25 percent of pension payments and other retirement income Married filing separately 12.5 percent of pension payments and other retirement income Single 18.75 percent of pension payments and other retirement income

AI Summary

Committee Categories

Daniel Benson (D)*,  John Burzichelli (D)*,  Paul Sarlo (D)*,  Stephen Sweeney (D)*,  Andrew Zwicker (D)*,  Dawn Addiego (D),  Tony Bucco (R),  Ronald Dancer (R),  JoAnn Downey (D),  Roy Freiman (D),  Eric Houghtaling (D),  Gordon Johnson (D),  Joe Lagana (D),  Fred Madden (D),  Carol Murphy (D),  Steven Oroho (R),  Verlina Reynolds-Jackson (D),  Troy Singleton (D),  Parker Space (R),  Shirley Turner (D),  Benjie Wimberly (D),  Harold Wirths (R), 

Approved P.L.2021, c.129. (on 06/29/2021)