New Jersey S875 adjusts the veterans' income tax exemption for inflation starting in tax year 2023.
New Jersey S875 modifies the state's tax code to index the amount of the veterans' gross income tax exemption for inflation. Beginning in tax year 2023, the exemption amount will be adjusted 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.
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