This bill modifies the eligibility requirements for the retirement income exclusion by increasing the income limit from $3,000 to $25,000 for individuals aged 62 and older. This change applies to income received from various sources, including salaries, wages, and business profits, as specified in subsections a., b., k., and p. of N.J.S.54A:5-1. Additionally, the bill maintains that taxpayers with a total gross income exceeding $100,000 will remain ineligible for this exclusion.

The bill also outlines the specific income thresholds for the retirement income exclusion based on filing status and taxable years, with amounts increasing progressively from $10,000 for married couples filing jointly in earlier years to $100,000 for the same group starting in 2020. The act is set to take effect immediately upon passage.

Statutes affected:
Introduced: 54A:6-15