TRENTON - Senator Gopal this week introduced new legislation (S-3785) that would increase the amount of pension and retirement income that certain taxpayers are able to exclude from their gross income taxes.
“Our office has heard and sympathized with the frustration of many of our constituents regarding the exceptionally low exclusion amounts for pension and retirement income,” Gopal (D-Long Branch) said.
“If you’ve worked hard to provide for yourself and your family into retirement, then you deserve to be able to rely on those funds to maintain a decent standard of living. No pensioner should have to feel that they won’t have enough income to make ends meet because of a chunk taken out of it by the State.”
The bill gradually increases the total amount that individuals and joint filers can exempt, reaching an individual filer exemption of $100,000 and a joint filer exemption of $200,000 by 2025.
The bill is sponsored in the Assembly by Assemblymembers Eric Houghtaling (D-Neptune) and Joann Downey (D-Freehold).