Bill Text: NJ S868 | 2024-2025 | Regular Session | Introduced


Bill Title: Exempts certain veterans from gross income tax.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced) 2024-01-09 - Introduced in the Senate, Referred to Senate Military and Veterans' Affairs Committee [S868 Detail]

Download: New_Jersey-2024-S868-Introduced.html

SENATE, No. 868

STATE OF NEW JERSEY

221st LEGISLATURE

 

PRE-FILED FOR INTRODUCTION IN THE 2024 SESSION

 


 

Sponsored by:

Senator  ANTHONY M. BUCCO

District 25 (Morris and Passaic)

 

 

 

 

SYNOPSIS

     Exempts certain veterans from gross income tax.

 

CURRENT VERSION OF TEXT

     Introduced Pending Technical Review by Legislative Counsel.

  


An Act exempting certain veterans from the gross income tax, supplementing Title 54A of the New Jersey Statutes.

 

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

 

     1.  a.  Notwithstanding any other provision of the "New Jersey Gross Income Tax Act," N.J.S.54A:1-1 et seq., a veteran shall not be subject to tax under the "New Jersey Gross Income Tax Act," N.J.S.54A:1-1 et seq., if the veteran meets the qualifications of subsection b. of this section.

     b.  To qualify for the exemption from tax provided by this section, a veteran shall: (1) be honorably discharged or released under honorable circumstances from active duty in the Armed Forces of the United States, a reserve component thereof, or the National Guard of New Jersey in a federal active duty status; and (2) have gross income of $50,000 or less, regardless of the veteran's filing status.

 

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

 

 

STATEMENT

 

     This bill exempts certain veterans of the Armed Forces of the United States or the National Guard of New Jersey from the gross income tax.

     To qualify for the exemption, a veteran must: (1) be honorably discharged or released under honorable circumstances from active duty in the Armed Forces of the United States, a reserve component thereof, or the National Guard of New Jersey in a federal active duty status; and (2) have gross income of $50,000 or less.

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