This bill modifies the eligibility requirements for the retirement income exclusion by increasing the income threshold from which taxpayers can still qualify for the exclusion. Specifically, it raises the limit on income from certain sources, such as salaries and business profits, from $3,000 to $25,000 for individuals aged 62 and older. This change allows more taxpayers to benefit from the retirement income exclusion, which exempts a portion of their income from taxation based on their filing status and income level.

Additionally, the bill maintains a cap on total gross income for eligibility, stipulating that taxpayers must have a gross income of not more than $100,000 to qualify for the exclusion. This ensures that while more individuals can access the retirement income exclusion, it is still targeted towards those with lower overall income levels. The act is set to take effect immediately upon passage.

Statutes affected:
Introduced: 54A:6-15