Loading chat...
NJ S3293
Bill
Status
5/20/2024
Primary Sponsor
Douglas Steinhardt
Click for details
AI Summary
-
Increases the income threshold from other sources (such as wages, tips, business profits, and partnership income) that disqualifies taxpayers from claiming the retirement income exclusion from $3,000 to $25,000
-
Applies to taxpayers aged 62 years or older who are eligible for the other retirement income exclusion under New Jersey tax law
-
Maintains the existing requirement that taxpayers with total gross income exceeding $100,000 remain ineligible for the retirement income exclusion regardless of the change
-
Preserves current retirement income exclusion amounts, which provide up to $100,000 for married couples filing jointly, $50,000 for married persons filing separately, or $75,000 for single taxpayers (for tax years beginning on or after January 1, 2020)
Legislative Description
Modifies eligibility requirements for other retirement income exclusion concerning other sources of income.
State Government, Wagering, Tourism & Historic Preservation
Last Action
Introduced in the Senate, Referred to Senate State Government, Wagering, Tourism & Historic Preservation Committee
5/20/2024