Indexes the amount of veterans' income tax exemption for inflation in New Jersey.

This bill amends New Jersey's tax code to adjust the amount of the veterans' income tax exemption for inflation. Starting in tax year 2023, the exemption amount will be increased annually based on the percentage change in the Chained Consumer Price Index for all Urban Consumers (C-CPI-U) for the 12-month period ending August 31 of the previous tax year. If there is no increase in that index, the exemption amount will remain unchanged for the applicable tax year. The exemption currently stands at $6,000.

Indexes the amount of veterans' income tax exemption for inflation in New Jersey.

This bill amends New Jersey's tax code to adjust the amount of the veterans' income tax exemption for inflation. Starting in tax year 2023, the exemption amount will be increased annually based on the percentage change in the Chained Consumer Price Index for all Urban Consumers (C-CPI-U) for the 12-month period ending August 31 of the previous tax year. If there is no increase in that index, the exemption amount will remain unchanged for the applicable tax year. The exemption currently stands at $6,000.