Bill > ACR58

This concurrent resolution proposes a constitutional amendment to gradually increase the property tax deduction for honorably discharged veterans and their surviving spouses in New Jersey from the current $250 to $2,500 over four years. The increase would be phased in incrementally: $1,000 in tax year 2024, $1,500 in tax year 2025, $2,000 in tax year 2026, and $2,500 in tax year 2027 and thereafter. Eligible veterans must be honorably discharged from active service in a branch of the United States Armed Forces, and the deduction applies to taxes on real and personal property. If the tax bill is less than the deduction amount, the bill will be fully canceled. Additionally, the surviving spouse of a qualified veteran who died on active duty or after honorable discharge would also be entitled to receive this property tax deduction while residing in New Jersey. The proposed amendment would require voter approval through a statewide referendum, with the question to be placed on the next general election ballot following legislative approval, and would represent the first increase in the veterans' property tax deduction since 1999.

Military Affairs and Security

https://www.njleg.state.nj.us/bill-search/2024/ACR58