New Jersey S553 allows a retirement income exclusion for part-time workers earning over $3,000 annually.

New Jersey S553 amends the state's gross income tax law to provide a retirement income exclusion for individuals aged 62 and older who earn more than $3,000 from part-time employment. This exclusion applies to those with gross income not exceeding $150,000. The exclusion amount varies based on filing status and decreases as the state's minimum hourly wage increases. The exclusion complements, but does not exceed, the pension and annuity income exclusion a taxpayer may claim. The bill also allows the Director of the Division of Taxation to adopt rules necessary to implement these provisions.

New Jersey S553 allows a retirement income exclusion for part-time workers earning over $3,000 annually.

New Jersey S553 amends the state's gross income tax law to provide a retirement income exclusion for individuals aged 62 and older who earn more than $3,000 from part-time employment. This exclusion applies to those with gross income not exceeding $150,000. The exclusion amount varies based on filing status and decreases as the state's minimum hourly wage increases. The exclusion complements, but does not exceed, the pension and annuity income exclusion a taxpayer may claim. The bill also allows the Director of the Division of Taxation to adopt rules necessary to implement these provisions.