Bill > A932

Introduced Session

This bill provides taxpayers a gross income tax exclusion in the amount of contributions made to certain retirement plans, and allows a deduction for contributions to individual retirement accounts, or premiums paid to individual retirement annuities, that qualify for federal income tax deductions. The affected types of plans are: (1) a plan established under section 401(a) or section 401(k) of the federal Internal Revenue Code; (2) amounts paid for annuity contracts under section 403(b) of the federal Internal Revenue Code, allowed to employees of governments and nonprofits; (3) a deferred compensation plan of a state or local government that meets the requirements of section 457 of the federal Internal Revenue Code; (4) a federal Thrift Savings Plan; or (5) a standard Individual Retirement Account pursuant to section 408 of the federal Internal Revenue Code. The contributions to these plans are taxed upon distribution from the account. The bill applies to contributions made or premiums paid in taxable years beginning on or after January 1 next following enactment of the bill.

AI Summary

Committee Categories

Mitchelle Drulis (D)*,  Roy Freiman (D)*,  John Azzariti (R),  Chris DePhillips (R),  Aura Dunn (R),  Dawn Fantasia (R),  Robert Karabinchak (D),  Nancy Muñoz (R),  Carol Murphy (D),  Erik Peterson (R),  Verlina Reynolds-Jackson (D),  Lisa Swain (D),  Chris Tully (D),  Anthony Verrelli (D),  Jay Webber (R), 

Introduced, Referred to Assembly Financial Institutions and Insurance Committee (on 01/09/2024)

Official Document