Bill
Bill > S1828
NJ S1828
NJ S1828Modifies eligibility requirements for other retirement income exclusion concerning other sources of income.
summary
Introduced
02/28/2022
02/28/2022
In Committee
02/28/2022
02/28/2022
Crossed Over
Passed
Dead
01/08/2024
01/08/2024
Introduced Session
2022-2023 Regular Session
Bill Summary
Modifies eligibility requirements for other retirement income exclusion concerning other sources of income.
AI Summary
This bill modifies the eligibility requirements for the other retirement income exclusion under New Jersey's personal income tax law. Specifically, it increases the maximum income threshold for the exclusion, allowing taxpayers aged 62 or older with up to $150,000 in gross income to claim a partial exclusion on their retirement income, up from the previous $100,000 limit. The bill also increases the maximum exclusion amount for eligible taxpayers from $20,000 to $100,000 for married couples filing jointly, and from $10,000 to $50,000 for married individuals filing separately, or $15,000 to $75,000 for single filers. These changes are effective for tax years beginning on or after January 1, 2021.
Committee Categories
Budget and Finance
Sponsors (3)
Last Action
Introduced in the Senate, Referred to Senate Budget and Appropriations Committee (on 02/28/2022)
Official Document
bill text
bill summary
Loading...
bill summary
Loading...
bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.njleg.state.nj.us/bill-search/2022/S1828 |
| BillText | https://www.njleg.state.nj.us/Bills/2022/S2000/1828_I1.HTM |
| Bill | https://www.njleg.state.nj.us/Bills/2022/S2000/1828_I1.PDF |
Loading...