This bill amends New Jersey's gross income tax law to provide a $3,000 annual exemption for surviving spouses of qualifying veterans. The definition of a qualifying veteran includes those who died while on active duty, were honorably discharged, or were released under honorable circumstances from active duty in the Armed Forces, a reserve component, or the National Guard of New Jersey. The bill specifies that if a surviving spouse remarries, they will no longer be eligible for this exemption.

The current law allows a $6,000 exemption for veterans who are honorably discharged or released under honorable circumstances. By extending this benefit to surviving spouses, the bill aims to recognize and alleviate the financial burdens faced by widows and widowers of veterans, thereby enhancing their economic security. The act is set to take effect immediately and will apply to taxable years beginning on or after January 1 following its enactment.