Beach, Van Drew Bill to Provide Tax Credit to Caregivers of Wounded Veterans Clears Committee

TRENTON – Legislation sponsored by Senate Military and Veterans’ Affairs Chairman Jim Beach and Senator Jeff Van Drew to help the caregivers of wounded veterans in New Jersey, by providing them with financial assistance through a tax credit program, was approved today by the Senate Budget and Appropriations Committee.

S-750, would establish the Wounded Warrior Caregivers Relief Act to provide an income tax credit to family caregivers of former armed service members with service-connected disabilities related to active military or naval service in any conflict on or after Sept. 11, 2001.

“Caring for a wounded veteran can be demanding mentally, physically and financially,” said Senator Beach (D-Camden). “We want to ensure that caregivers and families of veterans are provided with the support they need to keep them strong and healthy while they care for their wounded loved one. This bill will provide the relief to caregivers and families of wounded veterans that they deserve.”

“The brave men and women who serve in our Armed Forces sacrifice life and limb so that we can be safe here at home. For those who are injured, it is our responsibility to make sure they get the support and care they deserve. This tax credit is a small way to recognize the sacrifice veterans and their families made by defending us and to provide financial relief to those caring for individuals who have been wounded or injured,” said Senator Van Drew (D-Cape May, Cumberland, Atlantic).

The bill sets the refundable qualified veteran care credit at 100 percent of the service member’s disability compensation or $675, whichever is less.  The credit’s $675 limit applies per service member. The caregiver’s gross income may not exceed $100,000 as a joint filer or $50,000 as a single or separate filer.

The bill was approved with a vote of 13-0 and will now head to the full Senate for further consideration