S.3689

New Jersey S3689 expands pension and retirement income exclusion eligibility to taxpayers with incomes over $150,000 and increases the exclusion.

New Jersey S3689 amends the state's tax code to expand eligibility for the pension and retirement income exclusion to taxpayers with incomes exceeding $150,000. Previously, only taxpayers with incomes of $150,000 or less were eligible. The bill also increases the amount of the exclusion that qualifying taxpayers may claim. For taxable years beginning on or after January 1, 2021, qualifying taxpayers can now exclude the first $150,000 of pension payments and other retirement income, plus 50 percent of any payments exceeding $150,000 up to $300,000 during a taxable year.