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

This bill expands New Jersey's retirement income tax exclusion for residents aged 62+ who earn income from part-time work. It allows taxpayers to exclude retirement income from state tax even if they earned over $3,000 from part-time employment (defined as under 30 hours weekly), adjusting the exclusion amount based on current minimum wage rates. Specifically, the exclusion equals the standard retirement exclusion amount minus (2,000 × the state minimum wage) minus any pension exclusion claimed. The bill ensures this new exclusion complements but doesn’t exceed existing pension and annuity income exclusions, applying to taxable years beginning after its enactment.