This bill proposes to increase the maximum amounts for three optional tax credits related to veterans and their surviving spouses. Specifically, the optional veterans' tax credit will rise from a maximum of $750 to $1,000. The optional combat service tax credit will increase from $500 to $750. Additionally, the optional surviving spouse tax credit will be raised from $2,000 to $2,500. These changes are intended to provide greater financial support to veterans and their families, reflecting the state's commitment to honoring their service.

The bill also includes provisions that eliminate the need for local municipalities to re-adopt these tax credits after the amendments are made. The effective date for these changes is set for April 1, 2027. The amendments to the relevant sections of the law are clearly outlined, with specific deletions and insertions noted to ensure clarity in the legislative changes.

Statutes affected:
Introduced: 72:28, 72:28-c, 72:29-a
Version adopted by both bodies: 72:28, 72:28-c, 72:29-a
CHAPTERED FINAL VERSION: 72:28, 72:28-c, 72:29-a
HB1494 text: 72:28, 72:28-c, 72:29-a