New Jersey S2567 excludes minimum required distributions from qualified retirement plans from gross income tax.
New Jersey S2567 provides a gross income tax exclusion for minimum required distributions from qualified retirement plans. This means that withdrawals from retirement plans, which are mandated by federal law 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 act takes effect immediately for taxable years beginning after its enactment.
Included in complete analysis
- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
See what it does, who it affects, and the critical issues in plain language. Free, 30 seconds.