NJ Mulls Business Owner Pension Plan Deduction

Law360, New York (March 11, 2014, 5:41 PM EDT) -- Republicans in the New Jersey Assembly introduced legislation on Monday that would allow business owners to deduct from their state income taxes contributions they make toward their own pension plan.

The bill is intended to provide a tax break for self-employed business owners that is on par with the current tax treatment of retirement plans for New Jersey employees of incorporated businesses. The proposal would clarify that individuals who are self-employed are permitted to deduct contributions they make for their own retirement, said bill sponsor Assemblyman...
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