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1/9/17

Van Drew Provides Information on Income Tax Deduction for Veterans

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Senator Jeff Van Drew provided the following information on the personal income tax deduction for veterans approved recently by the Legislature and signed into law:

“I have had a number of calls to my district office regarding the recently approved income tax deduction for New Jersey veterans. The new $3,000 personal income tax deduction approved by the Legislature in October and signed by the Governor takes effect with the tax year beginning January 1st, 2017. It is available to military veterans who have been honorably discharged, and will be available to filers next calendar year. Anyone with questions may contact my district office for additional information,” said Senator Van Drew (D-Cape May/Cumberland/Atlantic).

The personal income tax deduction applies to veterans who have been honorably discharged or released under honorable circumstances from active duty in the Armed Forces of the United States, a reserve component thereof, or the National Guard of New Jersey in a federal active duty status.

According to the state Office of Legislative Services, it is anticipated that the new program will provide an average tax benefit of $105 when assuming the average marginal tax rate of 3.5%. According to the federal Department of Veterans Affairs, there were 428,396 living veterans in New Jersey in 2014.

Residents who would like more information may call the office of Senator Jeff Van Drew at (609) 465-0700 (Cape May Court House), (856) 765-0891 (Millville) or (856) 696-7109 (Vineland).