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 signed into law today.
S-750 establishes 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.
“It is our duty to do whatever it takes to provide resources necessary to alleviate the burden of those caring for our disabled veterans who defended our freedom and our nation,” said Senator Beach (D-Camden). “This law will provide the relief to caregivers and families of wounded veterans that they deserve.”
“We must not forget any of the sacrifices that our veterans and their families made for our country. This tax credit is a small way to recognize the brave men and women who have been wounded in their service to this country and those who dedicate themselves to caring for them,” said Senator Van Drew (D-Cape May, Cumberland, Atlantic).
The law 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 law takes effect immediately, and applies to taxable years beginning on or after January 1, 2018.