summary
Introduced
01/12/2023
01/12/2023
In Committee
06/12/2023
06/12/2023
Crossed Over
Passed
Dead
01/08/2024
01/08/2024
Introduced Session
2022-2023 Regular Session
Bill Summary
Indexes amount of veterans' income tax exemption for inflation.
AI Summary
This bill indexes the amount of the veterans' income tax exemption for inflation. Specifically, it provides that the $6,000 veterans' income tax exemption will be adjusted annually starting in tax year 2023 in proportion to the percentage change in the Chained Consumer Price Index for All Urban Consumers (C-CPI-U) for the 12-month period ending August 31 of the immediately preceding tax year. If there is no increase in the index, the exemption amount will remain unchanged for the applicable tax year. This change aims to ensure that the veterans' income tax exemption maintains its value over time as the cost of living increases.
Committee Categories
Budget and Finance, Military Affairs and Security
Sponsors (4)
Last Action
Referred to Senate Budget and Appropriations Committee (on 06/12/2023)
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/S3465 |
| Analysis - Statement SMV 6/12/23 | https://pub.njleg.gov/Bills/2022/S3500/3465_S1.PDF |
| BillText | https://pub.njleg.gov/Bills/2022/S3500/3465_I1.HTM |
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