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Bill > A973
NJ A973
NJ A973Modifies eligibility requirements for other retirement income exclusion concerning other sources of income.
summary
Introduced
01/11/2022
01/11/2022
In Committee
01/11/2022
01/11/2022
Crossed Over
Passed
Dead
01/08/2024
01/08/2024
Introduced Session
2022-2023 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 modifies the eligibility requirements for the retirement income exclusion by increasing the income limit from certain sources, such as salaries, wages, and business income, from $3,000 to $25,000. However, if a taxpayer's total gross income exceeds $100,000, they will still be ineligible for the exclusion. The bill also adjusts the retirement income exclusion amounts over time, starting at $10,000 for a married couple filing jointly and increasing to $100,000 by 2020 and later tax years.
Committee Categories
Budget and Finance, Health and Social Services
Sponsors (2)
Last Action
Introduced, Referred to Assembly Aging and Senior Services Committee (on 01/11/2022)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.njleg.state.nj.us/bill-search/2022/A973 |
| BillText | https://www.njleg.state.nj.us/Bills/2022/A1000/973_I1.HTM |
| Bill | https://www.njleg.state.nj.us/Bills/2022/A1000/973_I1.PDF |
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