New Jersey A3791 excludes minimum required distributions from qualified retirement plans from gross income tax.
New Jersey A3791 provides a gross income tax exclusion for minimum required distributions from qualified retirement plans. This means that withdrawals from certain retirement plans, which are federally mandated for taxpayers aged 72 or older, will not be subject to New Jersey's gross income tax. This exclusion aims to reduce the state income tax burden for many New Jersey seniors. The bill takes effect immediately for taxable years beginning after its enactment.
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