NJ A512

Bill

NJ A512

Excludes contributions made to certain retirement savings plans under gross income tax.

Introduced
01/11/2022

In Committee
02/13/2023

Crossed Over

Passed

Dead
01/08/2024

Introduced Session

2022-2023 Regular Session

Bill Summary

Excludes contributions made to certain retirement savings plans under gross income tax.

AI Summary

This bill excludes contributions made to certain retirement savings plans, such as 401(k) plans, pension plans, 403(b) annuity contracts, 457 deferred compensation plans, the federal Thrift Savings Fund, and individual retirement accounts, from New Jersey gross income tax, if those amounts are also excludable from federal gross income. The bill applies to contributions made or premiums paid in taxable years beginning on or after January 1 following the bill's enactment.

Committee Categories

Budget and Finance, Business and Industry

Sponsors (21)

Roy Freiman (D)*, Raj Mukherji (D)*, Edward Thomson (R)*, Daniel Benson (D), DeAnne DeFuccio (R), Chris DePhillips (R), Aura Dunn (R), Kimberly Eulner (R), Robert Karabinchak (D), Nancy Muñoz (R), Carol Murphy (D), Bethanne Patrick (R), Erik Peterson (R), Marilyn Piperno (R), Verlina Reynolds-Jackson (D), Beth Sawyer (R), Parker Space (R), Lisa Swain (D), Chris Tully (D), Anthony Verrelli (D), Harold Wirths (R),

Last Action

Reported out of Asm. Comm. with Amendments, and Referred to Assembly Appropriations Committee (on 02/13/2023)

Official Document

https://www.njleg.state.nj.us/bill-search/2022/A512

(6 Companion Bills)

Version:

Document Type	Source Location
State Bill Page	https://www.njleg.state.nj.us/bill-search/2022/A512
BillText	https://pub.njleg.gov/Bills/2022/A1000/512_R1.HTM
Analysis - Statement AFI 2/13/23	https://pub.njleg.gov/Bills/2022/A1000/512_S1.PDF
BillText	https://pub.njleg.gov/Bills/2022/A1000/512_I1.HTM
Bill	https://pub.njleg.gov/Bills/2022/A1000/512_I1.PDF
BillText	https://www.njleg.state.nj.us/Bills/2022/A1000/512_I1.HTM
Bill	https://www.njleg.state.nj.us/Bills/2022/A1000/512_I1.PDF

Bill	Bill Name	Last Action	Type
A1148	Provides gross income tax exemption for contributions made to qualified retirement plans.	Introduced, Referred to Assembly Financial Institutions and Insurance Committee	Carry Over
A2491	Clarifies excuse from jury service for members of the military or reserve under certain circumstances; repeals N.J.S.38A:4-6.	Introduced, Referred to Assembly Military and Veterans' Affairs Committee	Carry Over
S2088	Requires certain facilities to set aside beds for Medicaid-eligible individuals.	Introduced in the Senate, Referred to Senate Health, Human Services and Senior Citizens Committee	Carry Over
S737	Excludes contributions made to certain retirement savings plans under gross income tax.	Reported out of Asm. Comm. with Amendments, and Referred to Assembly Appropriations Committee	Same As
S823	Provides gross income tax exemption for contributions made to qualified retirement plans.	Introduced in the Senate, Referred to Senate Budget and Appropriations Committee	Carry Over
S951	Excludes certain contributions to deferred compensation plans and provides deduction for certain individual retirement savings under the gross income tax.	Combined with S737 (SCS)	Same As

Bill > A512

summary

Introduced Session

Bill Summary

AI Summary

Committee Categories

Sponsors (21)

Last Action

Official Document

bill text

bill summary

bill summary

bill summary