New Jersey Assembly Bill ACR36

New Jersey 2024-2025 Regular Session

• Introduced: 1/9/24
• Refer: 1/9/24

Caption

Proposes constitutional amendment to increase to $500 veterans' property tax deduction.

Impact

If passed, ACR36 will amend Article VIII, Section I of the New Jersey State Constitution, which would formalize these increased tax benefits for veterans. The bill also expands eligibility to the surviving spouses of veterans who died on active duty or as a result of service-related conditions. This change not only supports living veterans but also provides ongoing benefits for their families, thereby acknowledging their sacrifices in service to the country. Furthermore, the bill allows continuing care retirement communities to receive property tax deductions on behalf of eligible veterans, thereby promoting a structured support system for veterans in these communities.

Summary

ACR36 proposes a constitutional amendment aimed at increasing the property tax deduction for veterans in New Jersey. Currently, veterans receive a tax deduction of $250; ACR36 seeks to gradually raise this amount to $500 by 2027. The amendment specifies an annual increase of $50 each year over a period of five years, helping veterans financially by providing substantial savings on their property taxes starting in 2023. Notably, it aims to address historical out-of-date benefits, as the last increase occurred in 1999, raising the deduction from $50 to $250.

Contention

While there is general support for increasing veterans' benefits, discussions around ACR36 may highlight issues related to public funding and state finances. Critics may argue that increasing tax deductions could negatively impact state revenue, which is essential for funding other vital public services. Additionally, the bill requires that any future alteration or repeal of the deduction is prohibited, which may raise concerns about the rigidity of such a constitutional amendment and its long-term implications on local taxation policies.