S.868

Exempts certain veterans from New Jersey gross income tax if they have an honorable discharge and income of $50,000 or less.

New Jersey S868 exempts certain veterans from the state's gross income tax. To qualify, a veteran must have been honorably discharged or released under honorable circumstances from active duty in the Armed Forces of the United States, a reserve component, or the National Guard of New Jersey in a federal active duty status. Additionally, the veteran must have a gross income of $50,000 or less, regardless of their filing status. This exemption applies to taxable years beginning on or after January 1 following the date of enactment.