Removes income-based limitations on gross income tax exclusion for pension and retirement income.

This bill removes income limits on New Jersey's tax exclusion for pension and retirement income. Currently, taxpayers aged 62 or older (or disabled) with incomes up to $150,000 can exclude some pension income, with reduced exclusions for those earning $100,000-$150,000. The bill eliminates the $150,000 income cap and the reduced exclusion for higher earners, allowing all eligible taxpayers to claim the full exclusion regardless of income level. It would affect New Jersey residents who receive pension or retirement income as part of their income, particularly those with higher incomes who currently receive reduced tax benefits.