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NJ S3551
Bill
Status
2/19/2026
Primary Sponsor
Anthony M. Bucco
Click for details
AI Summary
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Excludes employer contributions to 403(b) retirement plans from New Jersey gross income tax, allowing tax-deferred treatment for employees of public schools, hospitals, churches, and other federally tax-exempt organizations
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Amends P.L.1983, c.571 to extend the same tax-deferred retirement savings treatment currently available to private sector 401(k) participants to 403(b) plan participants
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Applies to taxable years beginning on or after January 1 following enactment
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Covers salary reduction agreements where employees choose to receive less current salary in exchange for purchasing annuity contracts or investing in mutual funds for retirement
Legislative Description
Excludes deferred compensation of certain public school and federal tax-exempt organization employees from current taxation under gross income tax.
Budget and Appropriations
Last Action
Introduced in the Senate, Referred to Senate Budget and Appropriations Committee
2/19/2026