Bill > S3854

This bill extends the Wounded Warrior Caregivers Relief Act by modifying the definition of a "qualified armed service member" to include any veteran as defined by state law, rather than limiting the tax credit to those who served on or after September 11, 2001. The bill provides a tax credit to qualified family caregivers who provide care to veterans with total disability ratings, allowing them to receive a credit equal to 100% of the federal veteran disability compensation or $675, whichever is less. To be eligible, the caregiver must be a resident of New Jersey with gross income below certain thresholds ($100,000 for joint filers or $50,000 for separate filers), and must be a relative of the veteran who has resided with and provided care for the veteran for at least six months of the tax year. If the credit exceeds the caregiver's tax liability, the remaining amount will be paid as a refund. The bill aims to provide financial relief to family members who care for disabled veterans by offering a state tax credit, and it will take effect for taxable years beginning on or after January 1 following its enactment.

Military Affairs and Security

https://www.njleg.state.nj.us/bill-search/2024/S3854