A5308

Increases gross income tax deduction for New Jersey veterans from $6,000 to $9,000 and adjusts for inflation.

This bill raises the gross income tax deduction for New Jersey veterans from $6,000 to $9,000 and ties the deduction to inflation adjustments. Specifically, it amends the state's tax code to allow a higher deduction for veterans who were 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. Starting in tax year 2027, the deduction amount will be adjusted annually based on the percentage increase in the Chained Consumer Price Index for all Urban Consumers (C-CPI-U).