Bill > S3273

This bill increases the gross income tax deduction available to veterans from $6,000 to $12,000, meaning eligible veterans will be able to subtract twice as much from their taxable income when calculating their state income tax. To qualify for this deduction, a veteran must have been honorably discharged or released under honorable circumstances from active duty in the U.S. Armed Forces, a reserve component, or the National Guard of New Jersey when serving in federal active duty status. This enhanced deduction will apply to taxable years beginning on or after January 1st of the year following the bill's enactment.