New Jersey 2022-2023 Regular Session

New Jersey Senate Bill S3504

Introduced
1/26/23  

Caption

Allows gross income tax deduction for surviving spouses of certain veterans.

Impact

If enacted, S3504 would amend N.J.S.54A:3-1 of the New Jersey state tax code, thereby altering the financial responsibilities and benefits pertaining to gross income taxation. The bill emphasizes a recognition of the ongoing burdens faced by widows and widowers of veterans and aims to enhance their economic security. It is expected to positively affect the financial landscape for qualifying spouses by providing them with some level of tax relief that acknowledges their unique circumstances. However, the bill stipulates that eligibility ceases upon remarriage, which could create contention among the affected parties regarding their financial stability.

Summary

Senate Bill S3504 seeks to extend tax benefits to the surviving spouses of certain veterans by allowing an annual gross income tax deduction of $3,000. This initiative is aimed at providing financial relief to those who have lost their partners during or as a result of military service, acknowledging the sacrifices made by veterans and their families. The current law grants an exemption of $6,000 per year to eligible veterans, and S3504 proposes that this benefit also be available to the surviving spouses under defined conditions. Specifically, the amendment targets spouses of veterans who died on active duty, were honorably discharged, or released under honorable circumstances.

Contention

While proponents argue that the bill is a necessary measure to support grieving spouses, critics may raise concerns about the implications of limiting the exemption to only those spouses who remain unmarried. This provision could be perceived as restrictive, potentially leaving remarried individuals without the necessary financial support despite their past circumstances. The debate may focus on whether such tax policies appropriately address the complexities of family dynamics and long-term financial health for those who have served or been impacted by military actions.

Companion Bills

NJ A3938

Same As Allows gross income tax deduction for surviving spouses of certain veterans.

Previously Filed As

NJ S643

Allows gross income tax deduction for surviving spouses of certain veterans.

NJ A3938

Allows gross income tax deduction for surviving spouses of certain veterans.

NJ A2461

Allows gross income tax deduction for surviving spouses of certain veterans.

NJ A1143

Provides gross income tax deduction to surviving spouses of certain veterans.

NJ A1328

Provides gross income tax deduction to surviving spouses of certain veterans.

NJ S1698

Extends veteran's gross income tax exemption to spouses of deceased veterans.

NJ A762

Extends veteran's gross income tax exemption to spouses of deceased veterans.

NJ A1757

Extends veteran's gross income tax exemption to spouses of deceased veterans.

NJ S1927

Extends veteran's gross income tax exemption to spouses of deceased veterans.

NJ S1995

Eliminates veterans' gross income tax deduction requirement that New Jersey National Guard member serve in federal active duty status.

Similar Bills

NJ A2139

Grants gross income tax deduction to mental health care professionals providing services in the State.

NJ A2068

Grants gross income tax deduction to mental health care professionals providing services in the State.

NJ A2164

Provides gross income tax deduction for volunteers of New Jersey Medical Reserve Corps that serve at least 150 hours during public health emergency.

NJ S1620

Provides gross income tax deduction for volunteers of New Jersey Medical Reserve Corps that serve at least 150 hours during public health emergency.

NJ S1698

Extends veteran's gross income tax exemption to spouses of deceased veterans.

NJ A3696

Provides gross income tax deduction for volunteers of New Jersey Medical Reserve Corps that serve at least 150 hours during public health emergency.

NJ A5138

Indexes amount of veterans' income tax exemption for inflation.

NJ S3465

Indexes amount of veterans' income tax exemption for inflation.