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Bill > S3433
NJ S3433
NJ S3433Excludes bonuses for reenlistment or voluntary extension of enlistment in armed forces from gross income.
summary
Introduced
01/10/2023
01/10/2023
In Committee
01/10/2023
01/10/2023
Crossed Over
Passed
Dead
01/08/2024
01/08/2024
Introduced Session
2022-2023 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, the bill allows members of the Armed Forces to exclude from their gross income any bonuses they receive for reenlisting or voluntarily extending their enlistment. The purpose of the bill is to provide tax relief to those who serve their country, often at great personal sacrifice, by allowing them to keep more of the bonuses they receive for continuing their military service.
Committee Categories
Military Affairs and Security
Sponsors (1)
Last Action
Introduced in the Senate, Referred to Senate Military and Veterans' Affairs Committee (on 01/10/2023)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.njleg.state.nj.us/bill-search/2022/S3433 |
| BillText | https://pub.njleg.gov/Bills/2022/S3500/3433_I1.HTM |
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