TRENTON – Legislation sponsored by Senator Vin Gopal that would extend eligibility for veterans’ property tax deduction and exemption to residents of continuing care retirement communities was passed by the Senate Military and Veterans’ Affairs Committee today.
“It is imperative we do everything in our power to help our veterans who dedicated their lives to serving our country,” said Senator Gopal (D-Monmouth). “Allowing more veterans to take advantage of this tax deduction and exemption will provide much needed financial relief.”
The bill, S-1331, would extend the $250 property tax deduction and total property tax exemption currently granted to honorably discharged veterans and their surviving spouses to those living in continuing care retirement communities. Current law excludes these parties because they do not own the units in which they reside.
The legislation would not go into effect until an amendment to the State Constitution is approved by voters.
The bill was released from committee by a vote of 4-0 and next heads to the Senate Budget and Appropriations Committee for further consideration.