NJ S354

Increases the income threshold from other sources (salaries, wages, tips, business profits, partnership income, S corporation income) from $3,000 to $25,000 for New Jersey taxpayers age 62 and older to qualify for the retirement income exclusion

Maintains the existing $100,000 total gross income cap, above which taxpayers remain ineligible for the retirement income exclusion regardless of income source breakdown

Preserves current retirement income exclusion amounts: up to $100,000 for married couples filing jointly, $50,000 for married filing separately, and $75,000 for single filers (for tax years beginning January 1, 2020 and after)

Amends P.L.1977, c.273 (C.54A:6-15) and takes effect immediately upon enactment