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NJ S3595

Bill

Official Source

Status

Introduced

2/19/2026

Primary Sponsor

Anthony M. Bucco

Click for details

Origin

Senate

2026-2027 Regular Session

AI Summary

  • Excludes required minimum distributions (RMDs) from qualified retirement plans from New Jersey gross income tax
  • Applies to minimum required distributions as defined under federal Internal Revenue Code section 4974 (26 U.S.C. s.4974)
  • Takes effect immediately and applies to taxable years beginning after enactment
  • Targets taxpayers aged 72 or older who are federally required to withdraw minimum amounts annually from retirement plans or face a 50% penalty on unwithddrawn amounts

Legislative Description

Provides gross income tax exclusion for minimum required distributions from qualified retirement plans.

Budget and Appropriations

Last Action

Introduced in the Senate, Referred to Senate Budget and Appropriations Committee

2/19/2026

Committee Referrals

Budget and Appropriations2/19/2026

Full Bill Text

No bill text available