Gottheimer Announces New Bipartisan Bill to Help New Jersey Families Save for Retirement

Press Release

Today, Congressman Josh Gottheimer announced he would be introducing a new bipartisan bill to help families save for retirement. The Senior Housing Improvement and Retirement Accounts (IRA) Act would help Americans save for retirement and encourage increased savings by allowing seniors who sell their principle residence to avoid paying the capital gains tax on the proceeds from that sale if they are saved in a Roth IRA.

Congressman Gottheimer unveiled this bill at an event at a real estate office in Ridgewood where he was joined by a retired couple from Glen Rock who are in the process of selling their family home, local officials, and real estate experts.

"It's way too expensive to live and retire in New Jersey; we are turning our backs on families who have been here decades if not generations because they just can't afford to stay here in their golden years," said Congressman Josh Gottheimer. "We need to cut taxes for seniors and help them transition into and save for retirement so they can stay here in New Jersey. That's why I'm proud to introduce the Senior Housing Improvement and Retirement Accounts Act to reduce the taxes paid from the sale of seniors' homes and help put those dollars into their retirement savings."

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