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A 1183·NJ·house

Excludes under gross income tax certain contributions to qualified pension plans, deferred compensation plans and provides deduction for certain individual retirement savings.

In CommitteeFiled Jan 13, 2026
Sponsor: DiMaio, John
Latest Action

Introduced First Reading Assembly Referred to ACE

Jan 13, 2026

Summary

The measure amends the state gross‑income tax code to remove contributions to qualified pension and deferred‑compensation plans from taxable income and creates a new deduction for specific individual retirement savings. It would lower the tax bill for workers who contribute to these retirement vehicles, encouraging more saving for retirement.

AI-generated summary — may be incomplete or inaccurate. Verify against the official bill text.

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