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 the retirement income exclusion.

The bill aims to provide greater financial relief to retirees by allowing them to have a higher threshold of income from other sources while still qualifying for the retirement income exclusion. The act is set to take effect immediately upon passage, reflecting a significant adjustment in the state's approach to retirement income taxation.

Statutes affected:
Introduced: 54A:6-15