New Jersey S1602 establishes a tax credit for disabled veterans renting residential property.
New Jersey S1602 creates a disabled veteran tenant gross income tax credit. This credit allows a disabled veteran, defined as someone eligible for compensation for a service-connected disability by the U.S. Veterans Administration, to claim a nonrefundable credit up to $1,000 for the portion of their rent that constitutes property taxes. Currently, 18% of rent paid is considered to constitute property taxes. If a disabled veteran is married and files separately, each spouse can claim half of the credit. The credit applies to taxable years beginning after the bill's enactment.
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