Bill > A5073

This bill amends New Jersey's tax code to provide a gross income tax exclusion for military compensation earned by New Jersey residents who are stationed or deployed outside of the state for at least six months during a taxable year. Specifically, the bill modifies existing law to expand tax exemptions for military compensation, adding a new provision that allows New Jersey residents serving in the Armed Forces who are stationed outside the state for more than half the year to exclude their military compensation from state income tax calculations. The bill is designed to provide a tax benefit for military service members who are fulfilling their duties away from New Jersey, potentially offering financial relief and recognition for their service. The tax exclusion will apply to taxable years beginning on or after the date of enactment, meaning military personnel will be able to take advantage of this tax exemption in the specified tax years following the bill's passage.

Military Affairs and Security

https://www.njleg.state.nj.us/bill-search/2024/A5073