New Jersey S3595 excludes minimum required distributions from qualified retirement plans from gross income tax.
New Jersey S3595 provides a gross income tax exclusion for minimum required distributions from qualified retirement plans. This means that withdrawals mandated by federal law, known as RMDs, will not be subject to New Jersey's gross income tax. This change aims to reduce the state income tax burden for many New Jersey seniors. The exclusion applies to taxable years beginning after the bill's enactment.
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