Excludes bonuses for reenlistment or voluntary extension of enlistment in armed forces from gross income.
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed General Assembly
- Passed Senate
- To Governor
- Became Law
Overview
This bill changes New Jersey’s tax laws to exclude bonuses received by members of the armed forces for reenlisting or voluntarily extending their enlistment from their gross income. It amends the state’s tax code to specifically address these bonuses as taxable income. The goal is to provide tax relief to service members who choose to extend their service. The changes will take effect immediately and apply to tax years beginning after the law is enacted.
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