This bill proposes an exemption from the New Jersey Gross Income Tax for certain veterans. Specifically, veterans who have been honorably discharged or released under honorable circumstances from active duty in the Armed Forces, a reserve component, or the National Guard of New Jersey, and who have a gross income of $50,000 or less, will not be subject to this tax.

The act is set to take effect immediately and will apply to taxable years beginning on or after January 1 of the year following its enactment. This legislation aims to provide financial relief to qualifying veterans by alleviating their tax burden.