New Jersey Assembly Bill AR165

New Jersey 2024-2025 Regular Session

• Introduced: 10/17/24
• Refer: 10/17/24
• Report Pass: 10/21/24
• Passed: 10/28/24

Caption

Urges President and Congress of United States to enact federal legislation providing proportional property tax relief for honorably discharged veterans having a service-connected permanent disability.

Impact

Currently, New Jersey offers a total property tax exemption for veterans with a 100 percent service-connected disability. However, the resolution points out that many veterans in other states do not benefit from similar assistance. The proposed federal legislation aims to create a standard for property tax relief that aligns with the level of disability, thus ensuring veterans nationwide receive fair treatment concerning their financial burdens. This assistance is proposed to significantly ameliorate the financial hardships faced by veterans with service-connected disabilities.

Summary

Assembly Resolution No. 165, introduced in the State of New Jersey, urges the President and Congress of the United States to enact federal legislation that would provide proportional property tax relief specifically for honorably discharged veterans who have service-connected permanent disabilities. The resolution emphasizes the gratitude of both the state and the nation towards the sacrifices made by military veterans and highlights that many endure disabilities that affect their financial stability. Given the challenges these veterans face, the resolution posits an obligation for the federal government to offer essential benefits to ensure a stable quality of life for them.

Contention

A vital component of the proposed federal legislation includes the provision of tax relief that quantifies the benefit based on the veteran's disability rating as assessed by the United States Department of Veterans Affairs. Moreover, there is a stipulation that the federal benefits be limited to those veterans whose annual income does not exceed $200,000 and that the benefits apply only to their principal residences. The resolution aims to ensure this support is targeted effectively to those veterans most in need, thus fostering equity in the provision of tax relief.