TRENTON – A resolution proposed by Senator Vin Gopal to extend the eligibility of veterans’ property tax deduction and disabled veterans’ property tax exemption benefits to veterans living in continuing care retirement communities was approved today by the Senate Military and Veterans’ Affairs Committee.
Under current law, veterans honorably discharged from active service, in time of war or other emergencies, and their spouses are entitled annually to a tax deduction of $250 for taxes on real and personal property, or both, including taxes attributable to a residential unit held by a stockholder in a cooperative or mutual housing corporation. Those living in continuing care retirement communities do not qualify for these tax benefits since they do not own their units.
“Our veterans fought for us abroad and we need to ensure that they are able benefit from their service at home”, said Senator Gopal (D-Monmouth). “They earned the benefit of the tax deductions and exemptions whether they own the units they live in or not”.
The resolution, SCR110, would propose an amendment to the New Jersey State Constitution to allow the Legislature to enact a law to extend the benefit received by honorably discharged veterans and disabled veterans to veterans living in continuing care retirement communities.
The bill was released from committee with a 4-0 vote, and next heads to the Senate Budget and Appropriations Committee for further consideration.