The bill establishes the Veteran Obituary Fund within the New Jersey Department of the Treasury, which will be a dedicated, non-lapsing fund to support the costs associated with veteran obituaries. The fund will receive contributions from various sources, including donations, grants, and state appropriations, and will be managed by the State Treasurer. The Adjutant General and the Deputy Commissioner of Veterans Affairs are authorized to solicit donations and distribute appropriations for the fund. Additionally, the State Treasurer is required to certify the total amount of funds available periodically.

Taxpayers will be allowed to deduct contributions made to the Veteran Obituary Fund from their gross income, with a cap of $50,000 for the taxable year. If the fair market value of donated property exceeds $500, taxpayers must provide an independent appraisal and submit it with their tax return. The Department of Military and Veterans Affairs is also mandated to acknowledge donations in writing, including necessary details about the taxpayer and the value of the property. This initiative aims to ensure that New Jersey veterans can be honored without the burden of obituary costs.