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NJ S354
Bill
Status
1/13/2026
Primary Sponsor
Douglas Steinhardt
Click for details
AI Summary
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Increases the income threshold for "other sources of income" (salaries, wages, tips, business profits, partnership income, S corporation income) from $3,000 to $25,000 for taxpayers claiming New Jersey's retirement income exclusion
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Maintains existing retirement income exclusion amounts: up to $100,000 for married couples filing jointly, $50,000 for married filing separately, or $75,000 for single filers (for tax years beginning January 1, 2020 and after)
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Continues to require taxpayers be age 62 or older and have total gross income of $100,000 or less to qualify for the retirement income exclusion
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Allows more retirees with part-time work or small business income to qualify for the tax exclusion by raising the disqualifying income threshold by $22,000
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
1/13/2026