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NJ A1109
NJ A1109Modifies eligibility requirements for other retirement income exclusion concerning other sources of income.
summary
Introduced
01/09/2024
01/09/2024
In Committee
01/09/2024
01/09/2024
Crossed Over
Passed
Dead
01/12/2026
01/12/2026
Introduced Session
2024-2025 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 concerning other sources of income. Currently, taxpayers cannot claim the exclusion if they have more than $3,000 in income from certain sources, such as salaries, wages, and business profits. This bill increases that limit to $25,000. However, if a taxpayer's total gross income exceeds $100,000, they will still be ineligible for the exclusion.
Committee Categories
Health and Social Services
Sponsors (3)
Last Action
Introduced, Referred to Assembly Aging and Human Services Committee (on 01/09/2024)
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/2024/A1109 |
| BillText | https://pub.njleg.gov/Bills/2024/A1500/1109_I1.HTM |
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