New Jersey A1259 allows retirees with income over $3,000 from part-time employment to exclude certain retirement income from gross income tax.

New Jersey A1259 amends the state's gross income tax law to allow retirees aged 62 or older with income over $3,000 from part-time employment to exclude certain retirement income from their taxable gross income. This exclusion applies to those with gross income not exceeding $150,000. The exclusion amount varies based on filing status, such as $40,000 for married couples filing jointly. The bill also mandates that the Director of the Division of Taxation may adopt necessary rules and regulations to implement these provisions.

New Jersey A1259 allows retirees with income over $3,000 from part-time employment to exclude certain retirement income from gross income tax.

New Jersey A1259 amends the state's gross income tax law to allow retirees aged 62 or older with income over $3,000 from part-time employment to exclude certain retirement income from their taxable gross income. This exclusion applies to those with gross income not exceeding $150,000. The exclusion amount varies based on filing status, such as $40,000 for married couples filing jointly. The bill also mandates that the Director of the Division of Taxation may adopt necessary rules and regulations to implement these provisions.