S 1875 exempts specific military compensation from New Jersey's state income tax for New Jersey residents serving outside the state. It directly affects New Jersey-domiciled military personnel stationed in other states or overseas by excluding their active-duty pay, mustering-out payments, and housing allowances from taxable income. The bill amends New Jersey tax law (N.J.S.54A:6-7) to create this exclusion for service performed outside New Jersey. This policy change provides tax relief to military members who maintain New Jersey residency while serving in other locations.
This bill exempts qualifying veterans from New Jersey's state income tax. To qualify, veterans must have an honorable military discharge (from active duty in U.S. Armed Forces, reserve, or New Jersey National Guard in federal status) and earn $50,000 or less in gross income annually. The exemption applies to taxable years starting January 1 after the bill takes effect. It directly affects low-income veterans who meet the service and income criteria. The bill modifies New Jersey's Gross Income Tax Act to provide this specific tax relief.
This bill provides tax credits to commercial property owners who demolish abandoned buildings (over 100,000 sq ft) and replace them with new commercial structures on the same site. It offers a credit equal to 25% of redevelopment costs, capped at $500,000 per project, with a total state-wide limit of $5 million across all projects. To qualify, owners must apply to the Division of Taxation for certification showing demolition and construction occurred, and the credit can be carried forward if not fully used in one tax year. The credit applies against both the state's privilege tax and gross income tax, aiming to incentivize revitalizing vacant commercial properties.
This bill creates the "New Jersey Disability Savings Act" to expand tax benefits for individuals with disabilities who use ABLE accounts. It provides a one-time $750 state match for new ABLE account deposits (for taxpayers earning $150,000 or less) and allows full state income tax deductions for all contributions to qualifying ABLE accounts. The program directly affects New Jersey residents with disabilities (or their families) who open ABLE accounts for disability-related expenses like housing, education, or medical costs. Funding for the matching grant depends on annual state appropriations, with the Department of Human Services handling allocation if funds are limited.
S 984 would allow New Jersey taxpayers to reduce their state income tax bill by deducting the fair market value of vehicles donated to qualifying law enforcement agencies (like police departments, sheriff's offices, or state police). Taxpayers donating vehicles worth over $500 must provide an independent appraisal, and the agency must give written confirmation of the donation details. The deduction applies to cars, boats, or planes (not dealer inventory) donated to eligible agencies, but cannot lower taxable income below zero. Agencies are not required to accept any donated vehicle under this bill.
S 1133 allows volunteer firefighters, first aid squad members, and rescue squad members in New Jersey to claim a $5,000 deduction from their state income tax if they meet specific service requirements. To qualify, firefighters must perform 60% of fire duty (e.g., 400 duty hours yearly with ≤50% for drills or 60% attendance at alarms/drills) and hold Firefighter I certification by January 1. First aid/rescue volunteers must complete 10% of rescue duty (400 hours yearly or 10% alarm attendance with 60% drill participation) and have approved training or EMT certification. The deduction applies only to those who volunteered full-time during the tax year and must be claimed with verification from their department.
This bill provides tax credits to New Jersey-based small businesses during their first three years of operation. To qualify, a business must be registered in New Jersey, operate primarily within the state, have no more than 50 employees, and earn under $100,000 in net income during its first profitable year. The credit covers 75% of the business’s gross income tax in year one, 50% in year two, and 25% in year three. Businesses must obtain prior written authorization from the state tax director to claim the credit, proving the business isn’t related to other existing operations created solely for the credit benefit.
This bill allows New Jersey farm operators to accelerate tax deductions for eligible business investments, matching current federal tax rules. Specifically, it enables farms to use federal Section 168 (bonus depreciation) and Section 179 (immediate expensing of capital costs) for state corporation business and gross income tax calculations. The policy directly affects farms primarily producing agricultural or horticultural commodities for sale, letting them deduct equipment and property costs faster than current state law permits. New Jersey had previously decoupled from these federal provisions, but this bill aligns state tax treatment with current federal standards.
This bill allows New Jersey taxpayers to deduct up to $120 annually from their gross income for donations of menstrual products (like sanitary napkins, tampons, and cups) made to qualified New Jersey-based charities. To claim the deduction, donors must obtain written proof from the charity documenting each donation, including the product type, quantity, and value. The bill also protects donors and charities from liability for "apparently usable" products (meeting quality standards but not necessarily marketable) donated in good faith, unless gross negligence or intentional misconduct causes harm. It defines qualified charities as those registered in New Jersey, operating within the state, and providing medical or social services to people who menstruate.
