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NJ S872
NJ S872Excludes bonuses for reenlistment or voluntary extension of enlistment in armed forces from gross income.
summary
Introduced
01/09/2024
01/09/2024
In Committee
01/09/2024
01/09/2024
Crossed Over
Passed
Dead
01/12/2026
01/12/2026
Introduced Session
2024-2025 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 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 making significant personal sacrifices, by allowing them to exclude reenlistment and voluntary extension of enlistment bonuses from their taxable income.
Committee Categories
Military Affairs and Security
Sponsors (2)
Last Action
Introduced in the Senate, Referred to Senate Military and Veterans' Affairs Committee (on 01/09/2024)
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/2024/S872 |
| BillText | https://pub.njleg.gov/Bills/2024/S1000/872_I1.HTM |
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