Establishes gross income tax credit for cost of certain postage for sending goods to members of United States Armed Forces and National Guard who are serving their country away from home.
Impact
The proposed changes would specifically amend the New Jersey Gross Income Tax Act, providing financial relief to families of military personnel by making it easier for them to send packages filled with personal items. This tax credit would apply to postage costs incurred in sending parcels via the United States Postal Service, both domestically and internationally. The act is designed to commence for taxable years following its enactment, signaling immediate intent to benefit military families in the upcoming tax period.
Summary
Assembly Bill A2224 aims to establish a gross income tax credit for taxpayers who incur expenses on postage when sending goods to members of the United States Armed Forces and the National Guard serving away from home. The bill recognizes the significant costs associated with mailing packages, which can often deter families from sending comforting goods that help alleviate the homesickness experienced by military personnel. By allowing a tax credit for these expenses, the bill seeks to encourage and ease the support of service members through tangible goods from back home.
Contention
While the bill has the potential to garner broad support given its focus on assisting military families, discussions around its financial implications for state revenue may arise. Some critics might voice concerns over the impact of tax credits on overall state funding and the sustainability of such measures over time. Additionally, there may be debates regarding the definition of the 'cost of postage' and whether it adequately reflects the actual expenses families may incur, ensuring that the bill meets its intended purpose of alleviating financial burdens.
Same As
Establishes gross income tax credit for cost of certain postage for sending goods to members of United States Armed Forces and National Guard who are serving their country away from home.
Carry Over
Establishes gross income tax credit for cost of certain postage for sending goods to members of United States Armed Forces and National Guard who are serving their country away from home.
Carry Over
Establishes gross income tax credit for cost of certain postage for sending goods to members of United States Armed Forces and National Guard who are serving their country away from home.
Establishes gross income tax credit for cost of certain postage for sending goods to members of United States Armed Forces and National Guard who are serving their country away from home.
Establishes gross income tax credit for cost of certain postage for sending goods to members of United States Armed Forces and National Guard who are serving their country away from home.
Establishes gross income tax credit for cost of certain postage for sending goods to members of United States Armed Forces and National Guard who are serving their country away from home.
Provides corporation business tax and gross income tax credits for employing immediate family members of members of the Armed Forces of the United States who were killed in action.
Provides corporation business tax and gross income tax credits for employing immediate family members of members of the Armed Forces of the United States who were killed in action.