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Bill > S3293
NJ S3293
NJ S3293Modifies eligibility requirements for other retirement income exclusion concerning other sources of income.
summary
Introduced
05/20/2024
05/20/2024
In Committee
05/20/2024
05/20/2024
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 amends the eligibility requirements for the retirement income exclusion in New Jersey. It increases the income limit from other sources, such as salaries, wages, and business income, from $3,000 to $25,000. However, if a taxpayer's total gross income exceeds $100,000, they will still be ineligible for this exclusion. The bill also provides graduated increases in the retirement income exclusion amounts over the years, from $10,000 to $100,000 for married couples filing jointly, and proportional amounts for other filing statuses.
Committee Categories
Government Affairs
Sponsors (2)
Last Action
Introduced in the Senate, Referred to Senate State Government, Wagering, Tourism & Historic Preservation Committee (on 05/20/2024)
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/S3293 |
| BillText | https://pub.njleg.gov/Bills/2024/S3500/3293_I1.HTM |
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