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Bill

Bill

S 982

Provides retirement income exclusion under gross income tax for certain persons with income over $3,000 from part-time employment.

2026-2027 Regular Session

New Jersey bill excludes certain retirement income from state taxes for retirees earning over $3,000 from part-time work, reducing their tax liability.

Introduced in the Senate, Referred to Senate Budget and Appropriations Committee
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WeVote Research Nonpartisan
Bill Summary · S 982

Legislative bill overview

S 982 would exclude a portion of retirement income from New Jersey's gross income tax for individuals whose part-time employment income exceeds $3,000 annually. The bill creates a targeted tax exclusion for what appears to be a specific subset of retirees engaged in part-time work, though the exact exclusion amount and eligibility criteria are not detailed in the summary provided.

Why is this important

Tax policy affecting retirees directly impacts millions of New Jersey residents' financial security and cost of living in retirement. This measure could influence whether retirees choose to work part-time in the state and affects state tax revenue projections, potentially shifting tax burdens to other income groups or requiring spending adjustments.

Potential points of contention

  • Unclear scope and cost: The bill's actual fiscal impact is unknown without seeing the full text—it could range from minimal to substantial depending on the exclusion percentage and how many retirees qualify
  • Tax equity concerns: Providing income exclusions for one group (part-time working retirees) while others pay full rates may raise fairness questions about who bears the tax burden
  • Limited beneficiary pool: The $3,000 threshold suggests this targets modest part-time earners, raising questions about whether the administrative complexity is justified for a narrow group

Compiled from official sources — confirm details with the bill’s official record.

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