New Jersey Congressman Proposes Bill to Help Seniors Stay in the State

A New Jersey lawmaker has proposed legislation to help residents save for retirement and for seniors to remain in the state amid rising costs of living, reports WCBS 880 . Rep. Josh Gottheimer (D-N.J.) said his Senior Housing IRA Act "will allow seniors who sell their home to avoid paying the capital gains tax if they save those gains for their retirement in a Roth IRA." The measure also would protect the sale profits from state taxes. Gottheimer said it is imperative that New Jersey covers the cost of such an initiative. "I think the state can't afford to have its seniors keep leaving," he noted. Towns in New Jersey also would stand to save money should the legislation become law, because seniors are less of a drain on local resources. According to recent studies, more residents moved out of New Jersey in 2019 than any other state.