Proposes constitutional amendment to increase veterans' property tax deduction to $1,000, and base future deductions on annual CPI increases.
Impact
The resolution seeks to amend Article VIII, Section 1, paragraph 3 of the New Jersey Constitution, which currently regulates property tax deductions for veterans. By establishing a base amount for the deduction and automatically adjusting it based on the CPI, the bill is designed to ensure that veterans' financial relief keeps pace with rising costs of living. This change aims to alleviate tax burdens on veterans, potentially resulting in increased home ownership and improved financial stability for this demographic.
Summary
Assembly Concurrent Resolution No. 29 proposes a significant amendment to the New Jersey Constitution aimed at benefiting veterans by increasing their annual property tax deduction. The current deduction of $250 would be raised to $1,000 starting in 2021, with future increases tied to the Consumer Price Index (CPI). This structure ensures the deduction can rise yearly with inflation, while explicitly stating that it will never decrease, providing a long-term financial benefit to eligible veterans.
Contention
While the bill primarily garners support from veteran advocacy groups and legislators focused on veterans' affairs, there may be points of contention regarding its fiscal implications. Critics may raise concerns about the impact of increased deductions on state revenue, particularly in times of budget constraints. Furthermore, the reliance on the CPI for future adjustments may be debated amongst policymakers who are wary of long-term financial commitments that could affect state budget planning.
Carry Over
Proposes constitutional amendment to increase veterans' property tax deduction to $1,000, and base future deductions on annual CPI increases.
Proposes constitutional amendment to allow veterans, senior citizens, and persons with disabilities who make payments in lieu of property taxes to receive certain property tax benefits.
Proposes constitutional amendment to allow veterans, senior citizens, and persons with disabilities who make payments in lieu of property taxes to receive certain property tax benefits.
Proposes constitutional amendment to permit Legislature to extend eligibility to receive veterans' property tax deduction to surviving spouse of nonresident veteran in certain circumstances.
Proposes constitutional amendment to permit Legislature to extend eligibility to receive veterans' property tax deduction to surviving spouse of nonresident veteran in certain circumstances.
Proposes constitutional amendment to permit Legislature to extend eligibility to receive veterans' property tax deduction to surviving spouse of nonresident veteran in certain circumstances.