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Bill > A142
NJ A142
NJ A142Excludes bonuses for reenlistment or voluntary extension of enlistment in armed forces from gross income.
summary
Introduced
01/14/2020
01/14/2020
In Committee
01/14/2020
01/14/2020
Crossed Over
Passed
Dead
01/11/2022
01/11/2022
Introduced Session
2020-2021 Regular Session
Bill Summary
This bill excludes from taxable gross income under the New Jersey gross income tax certain bonuses received by members of the Armed Forces. Amounts received as bonuses for reenlisting or voluntarily extending enlistment may be excluded from gross income pursuant to this bill. The purpose of the bill is to provide tax relief to taxpayers that valiantly and unselfishly serve their country, often at considerable sacrifice to themselves and their families, by allowing them to exclude reenlistment and voluntary extension of enlistment bonuses from taxable gross income.
AI Summary
This bill excludes from taxable gross income under the New Jersey gross income tax certain bonuses received by members of the Armed Forces. Specifically, it allows for the exclusion of amounts received as bonuses for reenlisting or voluntarily extending enlistment. The purpose of the bill is to provide tax relief to taxpayers who serve their country, often at considerable personal sacrifice, by allowing them to exclude these types of bonuses from their taxable income.
Committee Categories
Military Affairs and Security
Sponsors (2)
Last Action
Introduced, Referred to Assembly Military and Veterans' Affairs Committee (on 01/14/2020)
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| BillText | https://www.njleg.state.nj.us/2020/Bills/A0500/142_I1.HTM |
| Bill | https://www.njleg.state.nj.us/2020/Bills/A0500/142_I1.PDF |
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