Increases gross income tax deduction available to veterans from $6,000 to $12,000.

Summary

The legislation raises the personal exemption for honorably discharged veterans from $6,000 to $12,000, cutting the amount of income they must tax. It applies to veterans who served on active duty, in reserve components, or the New Jersey National Guard. The change takes effect for taxable years beginning on Jan. 1 of the year after the bill is enacted.

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