Allows $250 gross income tax deduction for members of military on active duty.
Impact
If enacted, A2535 will supplement Title 54A of the New Jersey Statutes by officially incorporating the $250 deduction for military personnel, thereby potentially reducing the Gross Income Tax liability for approximately 7,669 active duty members stationed in New Jersey. This financial benefit is designed to provide a small but significant measure of support to those who serve the nation, potentially encouraging a positive perception of state policies towards military families.
Summary
Assembly Bill A2535 aims to provide financial relief to active members of the military by allowing them a gross income tax deduction of $250. The bill recognizes the service of those on active duty in the Armed Forces of the United States and seeks to lessen their financial burden through this modest tax deduction. The legislation emphasizes the importance of acknowledging military personnel and aims to assist them in managing their tax liabilities.
Contention
While the bill has received support as a gesture of appreciation for military service, some may argue that the deduction, while helpful, is insufficient and does not address broader issues affecting service members and their families. There may also be concerns about the financial impact on state revenue, as the deduction could reduce tax income albeit in a limited capacity. The debate surrounding the bill could center on the adequacy of support provided to the military compared to other state obligations.