New Jersey Governor Signs Law Providing Partial Pension, Retirement Income Exclusion for Taxpayers

The New Jersey Governor June 29 signed a law providing a partial pension and retirement income exclusion for individual income taxpayers. The law includes measures: 1) allowing taxpayers with income between $100,000 and $125,000 to exclude up to 50 percent of their pension and other retirement income from their gross income, depending on filing status; and 2) allowing taxpayers with income between $125,000 and $150,000 to exclude up to 25 percent of their pension and other retirement income from their gross income, depending on filing status. The law took effect June 29. [/NJ\FINAL\2021R1A5539///, enacted 06/29/21]

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