Expands pension and retirement income exclusion eligibility to taxpayers with incomes over $150,000 and increases exclusion amounts.

The bill expands eligibility for the pension and retirement income exclusion under New Jersey's gross income tax to include taxpayers with incomes exceeding $150,000. It also increases the amount of the exclusion that qualifying taxpayers may claim. Previously, only taxpayers with incomes of $150,000 or less could exclude certain pension and retirement income from taxable gross income. Now, all qualifying taxpayers, regardless of income, can claim a full or partial exclusion.

Expands pension and retirement income exclusion eligibility to taxpayers with incomes over $150,000 and increases exclusion amounts.

The bill expands eligibility for the pension and retirement income exclusion under New Jersey's gross income tax to include taxpayers with incomes exceeding $150,000. It also increases the amount of the exclusion that qualifying taxpayers may claim. Previously, only taxpayers with incomes of $150,000 or less could exclude certain pension and retirement income from taxable gross income. Now, all qualifying taxpayers, regardless of income, can claim a full or partial exclusion.