Bill > A702

Introduced Session

This bill raises the annual income threshold for eligibility for the pension and other retirement income exclusion under the gross income tax to $125,000 for taxable years beginning on or after January 1, 2018. Under current law, qualifying taxpayers with $100,000 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, up to a certain amount, depending on filing status. The current $100,000 annual income threshold for eligibility dates to 2005. The purpose of this bill is to permit more senior and disabled taxpayers to benefit from this tax relief by increasing the annual income threshold, beyond which taxpayers are ineligible for the exclusion.

AI Summary

Committee Categories

Mike Torrissi (R)*, 

Introduced, Referred to Assembly Aging and Human Services Committee (on 01/09/2024)

Official Document