ASSEMBLY, No. 2672

STATE OF NEW JERSEY

215th LEGISLATURE

 

INTRODUCED MARCH 8, 2012

 


 

Sponsored by:

Assemblyman  DANIEL R. BENSON

District 14 (Mercer and Middlesex)

 

 

 

 

SYNOPSIS

     Allows for a gross income tax deduction for any honorably discharged member of the US Armed Forces, reserve unit or national guard.

 

CURRENT VERSION OF TEXT

     As introduced.

  


An Act providing an exemption from gross income for certain taxpayers honorably discharged from the armed forces, supplementing chapter 3 of Title 54A of the New Jersey Statutes.

 

     Be It Enacted by the Senate and General Assembly of the State of New Jersey:

 

     1.    In addition to the exemptions allowed under N.J.S.54A:3-1, a taxpayer who served in and was honorably discharged from any branch or component of the Armed Forces of the United States, including a reserve unit or national guard unit shall be allowed an additional exemption of $1,000 which may be taken as a deduction from the gross income of the taxpayer.

 

     2.    This act shall take effect immediately and apply to taxable years beginning on or after January 1 following enactment.

 

 

STATEMENT

 

     This legislation provides for a $1,000 gross income tax exemption to be taken as a deduction from gross income of any resident taxpayer who served in and was honorably discharged from any branch or component of the Armed Forces of the United States, a reserve unit or national guard.  This deduction shall be in addition to any of the personal exemptions allowed by the gross income tax act.