Increases gross income tax deduction available to veterans from $6,000 to $9,000 and indexes deduction for inflation.
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Progress
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- Introduced
- Passed General Assembly
- Passed Senate
- To Governor
- Became Law
Overview
This bill increases the gross income tax deduction available to veterans in New Jersey. It raises the deduction from $6,000 to $9,000 and includes a mechanism to adjust the deduction annually for inflation, using the Chained Consumer Price Index (C-CPI-U). This change aims to provide greater tax relief for veterans.
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