Establishes the retire strong tax credit for certain individuals age 65 or older

2025 Regular Session Introduced by Anil Beephan and 3 co-sponsors

Creates the retire strong tax credit for residents 65+, delivering targeted tax relief for seniors; details (eligibility, amount, refundable status) TBD as bill advances.

REFERRED TO WAYS AND MEANS

Snapshot

Bill number & title: A 452 — Establishes the retire strong tax credit for certain individuals age 65 or older

Status: Referred to Ways and Means

Introduced: January 8, 2025

Primary sponsor: Mary Beth Walsh

Cosponsors: Josh Jensen, Anil Beephan Jr., Matthew Simpson

Related bills: A 8308 (prior-session); S 5375 (companion) (two entries listed as companions)

What the bill would do

Based on the title and available information, A 452 would create a new tax credit named the “retire strong tax credit” targeted at individuals aged 65 or older. The purpose implied by the title is to provide tax relief to older residents. Specific eligibility criteria, credit amount, whether the credit is refundable or nonrefundable, income or residency requirements, claimed mechanism, and any phase-outs or sunset provisions are not provided in the available materials.

Who is affected

Primary target: Individuals age 65 or older who meet the bill’s eligibility criteria (to be defined in the bill text).

Tax administration/oversight: Likely the state Department of Taxation and Finance would administer the credit, including guidance, claiming processes, and enforcement, once the bill’s provisions are specified.

Other potential indirect effects could include interactions with existing tax credits and deductions, and possible impacts on state revenue and senior-needs planning, depending on the final credit structure.

Key provisions (status and details)

The detailed provisions (eligibility thresholds, credit amount, refundable status, interaction with other credits, claim timing, and effective date) are not included in the information provided.

The bill is in the early stage of consideration, having been referred to the Ways and Means committee on January 8, 2025, with no publicly listed subsequent actions.

Fiscal/implementation considerations (not specified in provided text)

A new senior-focused tax credit would have revenue and budgetary implications that typically would be analyzed in a fiscal note.

Implementation considerations would include defining eligibility, ensuring non-duplication with existing credits, and setting an effective date and tax-year applicability.

The presence of companion bills (S 5375) suggests cross-chamber discussion or alignment with similar proposals.

Legislative history and next steps

Current path: Referred to Ways and Means, indicating the bill is at an early stage and awaiting committee review, potential amendments, and floor consideration.

Next steps: Committee hearings, potential amendments, and, if approved, progression to floor votes in the Assembly (and possibly the Senate via companion/related bills).

Note: The available materials do not provide the bill’s full text, explicit eligibility criteria, credit amount, or operational details. A complete understanding will require reviewing the introduced bill language and any fiscal notes or committee amendments.

Bill