Trenton – Legislation sponsored by Senator Paul Sarlo and Senator Dawn Marie Addiego which would increase the gross income tax deduction available to veterans to $6,000, was approved by the Senate today.
“The men and women who have served our country in the military deserve any acts of appreciation that can be provided,” said Senator Sarlo, the Chair of the Senate Budget and Appropriations Committee. “This will double their tax deduction, providing some financial relief in recognition of their service and sacrifice.”
The bill, S-3960, would double the gross income tax deduction available to veterans from $3,000 to $6,000.
“New Jersey is home to thousands of veterans, men and women who have dedicated years to this nation,” said Senator Addiego (D-Atlantic/Burlington/Camden). “All too often, however, they come home with little support and little to show for it. For quite some time I have been pushing for a small tax deduction as recognition of their sacrifice. It really is the least we can do as a state and I am glad we are doubling it this year.”
Currently, veterans who are honorably discharged or released from active duty in the Armed Forces of the United States, a reserve component, or the National Guard of NJ in a federal active duty status, are eligible to deduct $3,000 from their income when calculating their State gross income tax liability. This bill would increase that deduction to $6,000.
The bill was approved by the Senate with a vote of 38-0.