Expands pension and retirement income exclusion eligibility to taxpayers with incomes over $150,000 and increases exclusion amounts.
New Jersey S2568 expands eligibility for the pension and retirement income exclusion to taxpayers with incomes exceeding $150,000. It also increases the amount of the exclusion that qualifying taxpayers may claim. Previously, only taxpayers with incomes of $150,000 or less were eligible for the exclusion. The bill allows qualifying taxpayers to exempt the first $150,000 of pension payments and other retirement income, as well as 50 percent of any payments exceeding $150,000 up to $300,000 during a taxable year.
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