This bill introduces a $500 gross income tax credit for taxpayers who are active volunteer firefighters. To qualify for this credit, individuals must have been active members of a volunteer fire company or part-paid fire department for the entirety of the current tax year and the two preceding years. The bill stipulates that the application of this credit will follow a priority order as determined by the director, and it cannot reduce a taxpayer's liability to below zero.

The legislation is designed to recognize and support the contributions of volunteer firefighters in New Jersey. It is set to take effect immediately and will apply to taxable years beginning on or after January 1 of the year following its enactment.