Bill Text: NJ A2871 | 2022-2023 | Regular Session | Introduced
Bill Title: Allows for a gross income tax deduction for any honorably discharged member of the US Armed Forces, reserve unit or national guard.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2022-02-28 - Introduced, Referred to Assembly Military and Veterans' Affairs Committee [A2871 Detail]
Download: New_Jersey-2022-A2871-Introduced.html
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.
