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 the sacrifices made by the families of veterans and enhance their economic security. The new language inserted into the law outlines the criteria for qualifying veterans and the amount of the exemption for their surviving spouses. The bill is set to take effect immediately for taxable years beginning on or after January 1 following its enactment.