This bill amends N.J.S.54A:3-1 to increase the gross income tax deduction available to veterans from $6,000 to $12,000. The current law allows 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 to deduct $6,000 from their gross income for state tax purposes. The proposed change will effectively double this deduction, providing greater financial relief to eligible veterans.

The bill 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 adjustment aims to enhance the financial benefits available to veterans, acknowledging their service and providing them with increased support in their tax obligations.