Expands eligibility for pension and retirement income exclusion to taxpayers with incomes exceeding $150,000, and increases amount of exclusion that qualifying taxpayers may claim.

This bill expands New Jersey's pension and retirement income tax exclusion to include taxpayers with incomes above $150,000, while increasing the maximum exclusion amount. Qualifying taxpayers aged 62+ or disabled receiving retirement income can now exclude up to $150,000 of that income plus 50% of amounts between $150,000 and $300,000 annually. Currently, those earning over $150,000 received reduced exclusions (e.g., 25% for married couples), but this bill eliminates that income-based reduction. The change applies to all eligible retirees regardless of income level, as long as total retirement income does not exceed $300,000 per year.