A4131 — Increases gross income tax's pension and retirement income exclusion fivefold over four years and allows partial exclusion as of tax year 2021 for certain taxpayers with incomes exceeding eligibility cap.

A4131 — Increases gross income tax's pension and retirement income exclusion fivefold over four years and allows partial exclusion as of tax year 2021 for certain taxpayers with incomes exceeding eligibility cap. · Informed CitizenryThe bill amends N.J.S.54A:6-10 and P.L.1977, c.273 regarding pension and retirement income exclusions from gross income. Under the amended law, the exclusion for annuities, endowments, or life ins…Open in Informed Citizenry