Excludes deferred compensation of certain public school and federal tax-exempt organization employees from New Jersey gross income tax.

New Jersey S3551 amends the gross income tax to exclude deferred compensation of certain public school and federal tax-exempt organization employees from current taxation. This change applies to contributions made to trusts under section 401(k) and section 403(b) of the federal Internal Revenue Code of 1986. The bill takes effect immediately for taxable years beginning on or after January 1 following its enactment.

Excludes deferred compensation of certain public school and federal tax-exempt organization employees from New Jersey gross income tax.

New Jersey S3551 amends the gross income tax to exclude deferred compensation of certain public school and federal tax-exempt organization employees from current taxation. This change applies to contributions made to trusts under section 401(k) and section 403(b) of the federal Internal Revenue Code of 1986. The bill takes effect immediately for taxable years beginning on or after January 1 following its enactment.