Provides gross income tax credit to certain totally and permanently disabled veterans for rent constituting property taxes.
Impact
The potential impact of A3470 on state laws involves extending the financial benefits already available to veterans who own property to include those who rent. Under current statutes, veterans are eligible for property tax exemptions if they own their homes but not if they are tenants. This bill would amend existing tax laws to incorporate a refundable credit based on the rent paid, specifically for qualifying disabled veterans, thereby promoting economic support within this demographic and acknowledging the challenges they face.
Summary
Assembly Bill A3470 aims to provide financial relief for certain disabled veterans in New Jersey by establishing a gross income tax credit. This credit is specifically designed for disabled veterans that occupy rental properties, allowing them to receive a credit equivalent to the property taxes embedded in their rent. The bill seeks to create a sense of equity between veterans who own their homes and those who rent, as the latter currently do not receive a similar tax exemption for property taxes. Thus, A3470 proposes to supplement the existing laws concerning tax relief for disabled veterans.
Contention
Notable points of contention surrounding A3470 likely revolve around its implications for the state budget and how it will be funded. Critics may express concerns about the financial burden of providing such credits and whether it will adversely affect state revenue. Additionally, there may be discussions on the eligibility criteria for 'totally and permanently disabled' veterans, and whether the definition and conditions allow for inclusion of the broader disabled veteran community. As with many financial relief measures, the balance between support for veterans and fiscal responsibility may become a central theme in legislative debates.
Increases gross income tax relief based on rent constituting property taxes for residential tenants and establishes refundable gross income tax credit in place of gross income tax deduction for residential tenants.
Increases gross income tax relief based on rent constituting property taxes for residential tenants and establishes refundable gross income tax credit in place of gross income tax deduction for residential tenants.
Increases gross income tax relief based on rent constituting property taxes for residential tenants and establishes refundable gross income tax credit in place of gross income tax deduction for residential tenants.
Increases gross income tax relief based on rent constituting property taxes for residential tenants and establishes refundable gross income tax credit in place of gross income tax deduction for residential tenants.
Increases amount of rental payments defined as rent constituting property taxes for purposes of deduction from gross income for property tax payments; increases property tax credit option for certain individuals.
Increases gross income tax relief based on rent constituting property taxes for residential tenants and establishes refundable gross income tax credit in place of gross income tax deduction for residential tenants.
Increases gross income tax relief based on rent constituting property taxes for residential tenants and establishes refundable gross income tax credit in place of gross income tax deduction for residential tenants.
Increases gross income tax relief based on rent constituting property taxes for residential tenants and establishes refundable gross income tax credit in place of gross income tax deduction for residential tenants.
Increases gross income tax relief based on rent constituting property taxes for residential tenants and establishes refundable gross income tax credit in place of gross income tax deduction for residential tenants.