This bill modifies the eligibility requirements for the retirement income exclusion by increasing the income threshold 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 earn more from other sources without losing their eligibility for the retirement income exclusion. The act will take effect immediately upon passage, reflecting a significant adjustment to the current law that previously limited income from these sources to a much lower threshold.

Statutes affected:
Introduced: 54A:6-15