New Jersey bill A1183 excludes certain retirement contributions from gross income tax and allows deductions for individual retirement savings.
New Jersey bill A1183 modifies the gross income tax to exclude certain contributions to qualified pension plans, deferred compensation plans, and individual retirement accounts (IRAs) from taxable income. Specifically, it excludes employee and employer contributions to federally qualified tax-exempt pension plans, elective contributions for retirement savings by public and non-profit sector employees, and allows a deduction for federally qualifying IRA contributions.
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