Adjusts the veterans' income tax exemption in New Jersey for inflation.
New Jersey S2428 amends the veterans' income tax exemption to adjust it annually for inflation. Beginning in tax year 2023, the exemption amount will be modified based on 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. This change ensures the exemption keeps pace with inflation, maintaining its value over time.
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