NJ S2413

Requires annual inflation adjustments to New Jersey gross income tax thresholds and qualifications beginning with tax year 2022, using the Consumer Price Index for All Urban Consumers (CPI-U) as the measure.

Applies inflation indexing to minimum taxable income thresholds that determine whether taxpayers must file returns (currently $10,000 for single filers, $20,000 for joint filers, $10,000 for married filing separately).

Indexes the $200,000 gross income qualification limit for deductions related to NJ BEST college savings contributions, NJCLASS student loan payments, and in-state tuition costs.

Adjusts income thresholds for the pension and retirement income exclusion, which currently allows taxpayers with gross income up to $150,000 to exclude varying amounts of retirement payments from taxation.

Indexes the income brackets for the child and dependent care tax credit (ranges from $30,000 to $150,000) and the qualified veteran caregiver credit income limits ($100,000 joint/$50,000 single).