Bill > A5078

Introduced Session

This bill removes the income-based limitations on the gross income tax exclusion for pension and other retirement income. Under current law, taxpayers with $150,000 or less in annual income and who are at least 62 years old or disabled may exclude certain pension and retirement income from taxable gross income. For those with between $100,000 and $150,000 of income, the exclusion is reduced. This bill eliminates the $150,000 income cap and the reduced exclusion for those with between $100,000 and $150,000 so that taxpayers of any income level, who are otherwise eligible, may claim the exclusion. The purpose of this bill is to allow taxpayers with pension and retirement income to exclude more of their income from taxable gross income. By removing the income-based limitations, this bill allows greater numbers of taxpayers to benefit from the tax relief provided by the exclusion.

AI Summary

Committee Categories

Sean Kean (R)*, 

Introduced, Referred to Assembly Aging and Senior Services Committee (on 01/19/2023)

Official Document