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

This bill (A-1259) modifies New Jersey's retirement income tax exclusion rules to specifically assist older residents with modest part-time earnings. It creates a new provision allowing taxpayers aged 62+ who receive retirement income but also earn over $3,000 from part-time employment (defined as fewer than 30 hours/week) to exclude a portion of their retirement income from taxable gross income. The exclusion amount is calculated by subtracting the $3,000 part-time income threshold and any prior retirement exclusion from the standard exclusion limit. This directly affects retirees aged 62+ with part-time jobs earning $3,001-$150,000 in total income (for 2021+ tax years), reducing their taxable income for those earning between $3,000-$150,000 from part-time work.